Two Chinese companies have entered the top 20 BTC holdings for 2025, with different strategies for accumulating coins

In the top 20 companies holding BTC in 2025, two Chinese companies made the list: Cango ranked 16th with 7,419 BTC, and Next Technology Holding ranked 18th with 5,833 BTC. Both are U.S. listed Chinese concept stocks that have allocated Bitcoin through offshore entities under the backdrop of strict domestic regulations.

Cango was originally an automotive finance company, which transformed into Bitcoin mining in 2024. After acquiring mining machines from Bitmain, its hash rate reached 50 EH/s, making it the second-largest mining company in the world. After the acquisition, the actual control shifted to Bitmain, with Antalpha founder Jin Xin serving as the chairman of the board.

Next Technology is a Nasdaq shell company for the Weishang Group, a micro-business SaaS platform, with only 8 full-time employees. The company's founders include Dai Zheng, co-founder of Qunar, and its investors include Yao Jinbo, Tencent, JD.com, and others.