Next Technology Holding Inc (NASDAQ: NXTT) is a technology and digital asset company whose primary activity, as of fiscal year 2025, is accumulating and holding Bitcoin on its balance sheet. The company generates service revenue alongside gains from its Bitcoin holdings, which as of December 31, 2024 totaled $78.32 million out of $92.92 million in total assets. In March 2025, the company acquired 5,000 Bitcoin for an aggregate purchase price of $150.00 million, funded through a combination of stock issuances and a prior prepayment of $12.13 million. For the year ended December 31, 2025, the company reported net income of $143.16 million and positive working capital of $520.20 million, with cash and cash equivalents of $5.62 million. Bitcoin holdings are custodied at Japan-based institutional-grade custodians. The company also operates in an analytics market, competing on software quality, performance, and the ability to incorporate artificial intelligence features, per its FY2025 10-K filing.

Revenue model

Revenue consists of service revenue plus unrealized and realized gains from Bitcoin holdings. The company acquires Bitcoin using liquid assets exceeding working capital requirements and, from time to time, raises capital through debt or equity issuances to purchase additional Bitcoin. No capital expenditures were recorded in fiscal years 2025 or 2024.

Products and services

Bitcoin holdings custodied at institutional-grade Japanese custodians; analytics software products competing on performance, reliability, and artificial intelligence feature integration; service revenue from unspecified technology services.

Customers and end markets

The filing does not disclose specific customer names, customer counts, or end-market revenue breakdowns. The analytics business serves customers who demand software quality, reliability, and AI-enabled features, per the FY2025 10-K.

Value-chain role

The company operates as a Bitcoin accumulator and holder, acquiring Bitcoin through capital markets activity and holding it in third-party institutional custody. In its analytics segment, it acts as a software provider competing on product quality and AI feature integration.

Geographic exposure

Bitcoin custody is maintained at Japan-based institutional custodians. The filing does not disclose a revenue breakdown by geography.

Source: SEC 10-K, filed 2026-03-31

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