#数字资产市场动态 The global TOP20 Bitcoin holdings Chinese army appears—two listed companies take a different approach

In the 2025 global BTC holdings ranking, two Chinese listed companies suddenly appear in the top 20. Cango ranks 16th with 7,419 Bitcoins on hand; NextTechnology Holding follows closely at 18th with a reserve of 5,833 Bitcoins. Both have used the shell of a US-listed entity to execute crypto asset repositioning under strict regulatory policies.

Cango's story is straightforward—shifting from car loan services to mining operations. After acquiring Bitmain mining machines, their hash rate jumped to 50EH/S, making them the second-largest mining company globally. On the surface, this is a business upgrade, but in reality, it’s leveraging the listed company's name to engage in crypto computing power business. NextTechnology's approach is more covert; an 8-person team operates behind a Nasdaq shell company, with behind-the-scenes capital and control battles. The management’s crypto background directly reveals the true intent of coin hoarding.

This "offshore listed entity + business restructuring/shell operation" strategy is interesting—it avoids policy restrictions while riding the wave of institutional coin hoarding. Looking across the crypto space, this indicates that institutional ownership of BTC is continuously rising and confirms that the consensus on crypto assets as strategic reserves has taken shape. However, risks such as corporate governance variables and compliance pitfalls are worth paying attention to.