Collectively, listed firms now hold more than one million BTC – over 5% of the cryptocurrency’s circulating supply – and the buying spree shows no signs of slowing.

Next Technology Joins the Race

The latest signal came from China’s Next Technology Holding, which disclosed plans to sell up to $500 million of stock to fund operations and potentially add more Bitcoin to its balance sheet. The Nasdaq-listed firm already controls nearly 5,900 BTC, worth about $670 million, ranking it among the 20 largest corporate holders worldwide.

If even a portion of the planned raise goes toward Bitcoin, Next Technology could lift its reserves past 8,000 BTC. The company has already seen outsized gains, with an average entry price around $31,000 compared to today’s six-figure valuations.

How Firms Are Funding Their Bets

Next Technology isn’t alone in tapping capital markets. In recent years, treasuries have leaned on stock sales, convertible debt, and even SPAC vehicles to accumulate Bitcoin. The approach has accelerated in 2025: fewer than 100 public companies held BTC at the start of the year, compared to nearly 200 today.

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MicroStrategy remains the undisputed leader, with more than 639,000 BTC on its books. Other players, such as Metaplanet in Japan and Semler Scientific in the U.S., have outlined ambitious multi-year accumulation goals, pledging to capture slices of Bitcoin’s fixed supply.

Market Response

News of Next Technology’s stock sale pushed its shares lower on Monday, reflecting investor unease about dilution. Yet the company’s bold approach contrasts with its competitors. Instead of setting explicit targets like Metaplanet’s 210,000 BTC goal, Next Technology says it will keep its strategy flexible and adapt to market conditions month by month.

A New Corporate Asset Class

What began as a niche experiment by a handful of firms is turning into a structural force. With more than $600 billion in Bitcoin now locked on corporate balance sheets, treasury adoption is shaping liquidity, volatility, and investor sentiment. If Next Technology and its peers continue buying at this pace, the corporate corner of Bitcoin’s market may soon rival entire nations in scale.

The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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