The board of listed company NXTT has authorized the sale or pledging of 5,833 bitcoins, worth approximately $449 million.
The Nasdaq-listed software company cited the Binance hack, exchange vulnerabilities, and the potential threat quantum computing poses to Bitcoin cryptography. It emphasized that its bitcoins are not held on Binance. CEO Weihong Liu will decide the timing, price, and size of any transaction; the company says there is no guarantee a transaction will be completed.
For institutional investors, NXTT had a market capitalization of about $7.8 million at Friday’s close, while its $449 million Bitcoin holdings are worth more than 50 times that amount. Authorization to sell means this position could become selling pressure at any time; the real variable is execution, not authorization. This assessment would no longer hold if the company explicitly said it would not sell, or if custody arrangements showed that the bitcoins could not be liquidated quickly.
#OpenAICutsFundraisingTargetBy$10Billion
The Nasdaq-listed software company cited the Binance hack, exchange vulnerabilities, and the potential threat quantum computing poses to Bitcoin cryptography. It emphasized that its bitcoins are not held on Binance. CEO Weihong Liu will decide the timing, price, and size of any transaction; the company says there is no guarantee a transaction will be completed.
For institutional investors, NXTT had a market capitalization of about $7.8 million at Friday’s close, while its $449 million Bitcoin holdings are worth more than 50 times that amount. Authorization to sell means this position could become selling pressure at any time; the real variable is execution, not authorization. This assessment would no longer hold if the company explicitly said it would not sell, or if custody arrangements showed that the bitcoins could not be liquidated quickly.
#OpenAICutsFundraisingTargetBy$10Billion
