Nasdaq-listed company NXTT may sell $450 million in BTC due to Binance hack and quantum computing risks.

October 31 - Nasdaq-listed software company Next Technology Holding (NXTT) announced that its board of directors has authorized the sale of approximately 5,833 BTC it disclosed as holding, or financing using these bitcoins as collateral, valued at approximately $449 million at the time of reporting. The company cited the Binance hack, security vulnerabilities on trading platforms, and the potential threat of quantum computing to Bitcoin cryptography as reasons for the decision, and emphasized that none of its bitcoins are stored on or held through Binance.

The specific timing, price, and scale of transactions will be determined by CEO Weihong Liu. The authorization permits sales through trading platforms, privately negotiated transactions, or bitcoin-collateralized financing, but does not guarantee that any transaction will ultimately be completed.

NXTT closed Friday with a market capitalization of approximately $7.8 million, and its disclosed bitcoin holdings are worth more than 50 times the company's market value. The company's annual report states that nearly all of its bitcoins are custodied by a Japanese institution, but the name of the custodian was not disclosed.