Next Technology OKs selling or pledging its 5,833 BTC

The board of Nasdaq-listed Next Technology Holding (NXTT) unanimously approved, by written consent on Oct. 30, the sale or pledging of its bitcoin — about 5,833 BTC, or roughly $450 million. The authorization took effect the same day, according to a Globe Newswire press release.

Details

The coins can be moved in tranches: sold directly on crypto exchanges, placed in block trades with specific buyers, or pledged to raise financing. The CEO sets timing, price and volume. The company states there is no assurance any sale or pledge will happen.

The board cited the recent Binance hack, hacker attacks, exchange vulnerabilities and the threat quantum computing poses to cryptography. The company says none of its bitcoin is held on Binance. The $450 million figure comes from CoinDesk, at a price near $77,000; Bitcoin.com also covered the decision.

What it means for the market

This is an authorization, not a sale: the company has disclosed no transactions. At about 5,833 BTC the size is small against daily market turnover. Still, the move shows how the hack of a major exchange is feeding into custody decisions at listed bitcoin holders. For the live price and the day's moves, see the daily brief; companies holding BTC.