Next Technology reverse splits cut BTC per share 98%

Next Technology Holding Inc. (Nasdaq: NXTT) completed two reverse stock splits that changed its share counts but left its reported Bitcoin holdings largely unchanged. The company implemented a 1-for-200 reverse split that took effect Sept. 16, 2025, and a 1-for-100 split effective Aug. 10, 2026.

The 1-for-200 split reduced an earlier outstanding count near 566.3 million to a later audited level of about 2,862,556 shares. After that split, the company issued new shares through equity-plan awards, a registered direct offering and pre-funded warrant exercises. Those issuances increased the outstanding share total to about 147,296,192 by June 30, 2026.

Company filings show the buildup included 2.02 million shares from equity-plan awards, a registered direct offering that added roughly 71,381,818 common shares and pre-funded warrant exercises that contributed about 71,031,818 shares. Filings contain small, unreconciled differences in interim counts reported in different documents.

An Aug. 5 filing projects the Aug. 10, 2026 1-for-100 reverse split will reduce outstanding shares from approximately 147,296,192 to roughly 1,472,962. The company listed the split as effective at 12:01 a.m. ET on Aug. 10 and expects Nasdaq trading to reflect the split that morning.

Next Technology reported approximately 5,833 BTC on both Sept. 30, 2025 and June 30, 2026, a balance carried at $351.5 million in its June filing. Using the constant 5,833 BTC for calculations, the reported Bitcoin per share fell from about 204,000 satoshis per share at the post-September baseline to about 4,000 satoshis per share by June 30, 2026, a decline of roughly 98% as the share count expanded. The projected post-Aug. 10 share count would raise the calculated exposure to about 396,000 satoshis per new share because each new share would represent 100 old shares.

For holders of shares from before the Sept. 2025 split, the two reverse splits combine to one share for every 20,000 originally held, subject to fractional-share rounding. The company reported 7.98 million shares available under its 2025 Equity Incentive Plan and said the split will not change that reserve; that unissued reserve would equal about 5.4 times the projected post-split outstanding share count. The company’s authorized common share count is listed as unlimited. The reverse-split filing does not state a rationale and does not reference any Nasdaq deficiency.