Next Technology Authorizes Possible Sale or Pledge of 5,833 Bitcoin

Next Technology Holding Inc. authorized possible sales or financing pledges against approximately 5,833 Bitcoin (BTC), citing exchange-security and quantum-computing risks and giving its chief executive control over sale terms.

The Nasdaq-listed company’s board approved the authorization by written consent effective Oct. 30. It permits sales in one or more tranches through crypto exchanges or block trades, and Bitcoin may also be pledged as collateral for financing. The chief executive can set a sale’s timing, price, volume and tranche schedule. Next Technology disclosed no transaction schedule or amount and said there is no assurance a deal will be completed.

The company said its board weighed a recent security incident involving Binance, vulnerabilities at exchanges, hacking risks and potential cryptographic effects of quantum computing. It said none of its Bitcoin is held on or through Binance.

Binance said its hot wallets were compromised at about 4:05 p.m. ET Oct. 29 (20:05 UTC), with token-asset losses valued at approximately $6.3 billion. The exchange said its investigation was ongoing in an Oct. 30 update.