Next Technology’s 5,833 $BTC Exit Plan Has a Quantum-Sized Hangover

Nasdaq-listed Next Technology has authorized the potential sale or pledging of its 5,833 BTC holdings after its Board unanimously approved the move in one or more tranches. The company said the decision was intended to reduce risk exposure and enhance liquidity.

“The Board determined that a timely adjustment of the company’s digital asset position is in the best interests of the company and its stockholders, with the aim of reducing risk exposure and enhancing liquidity,” the release read.

Next Technology holds about 5,833 BTC, making it the 18th-largest Bitcoin treasury firm, just behind Galaxy Digital and ahead of crypto exchange Gemini. The Board’s review considered the Binance hack, other hacks, exchange security vulnerabilities and concerns about advances in quantum technology.

Binance revealed the $6.3 billion hack, which occurred on October 29, and assured of plans to cover the losses. The approved transaction does not specify the timing, pricing or structure of any sale or pledge involving Next Technology’s $BTC holdings.