Publicly traded company NXTT may sell $450 million in BTC due to the theft from Binance and risks associated with quantum computing

According to CoinDesk, Nasdaq-listed software company Next Technology Holding (NXTT) announced that its board has authorized the sale of approximately 5,833 BTC it holds, or to use these bitcoins as collateral for financing, valued at about $449 million based on the reported price.

The company cited the theft from Binance, security vulnerabilities of trading platforms, and the potential threat of quantum computing to Bitcoin's cryptography as reasons for the decision, emphasizing that its bitcoins are not stored on Binance or held through Binance.

The specific timing, price, and scale of the transaction will be determined by CEO Weihong Liu. The authorization allows for sales through trading platforms, private negotiations, or Bitcoin collateral financing, but does not guarantee that any transaction will ultimately be completed.

NXTT closed on Friday with a market capitalization of approximately $7.8 million, and the disclosed value of its Bitcoin holdings exceeds 50 times the company's market value. The company's annual report stated that almost all bitcoins are held in custody by a Japanese institution, but the name of the custodian was not disclosed.