In the top 20 holdings of #BTC in 2025,

Two Chinese companies have quietly infiltrated.
And both are quite “curved.”
One originally focused on auto loans,
The other on micro-business SaaS.
Under the strict domestic crypto regulations,
They both chose to use the shell of U.S.-listed Chinese concept stocks to allocate Bitcoin.
This is not a coincidence,
It’s a path choice.
1. Cango (灿谷):
From auto loan company to the world’s second-largest mining enterprise
Cango is an auto finance company listed on the NYSE in 2018.
After its main business declined, in 2024 it chose to “cut off” directly—
Transform into Bitcoin mining.

In November 2024,
Acquired mining machines from Bitmain for $256 million

By June 2025,
Added more, increasing hash rate to 50 EH/s

The result is:
Second in global hash rate ranking, only behind MARA.
But the more interesting part is what comes next.
With the mining machines in place, control was also secured.
After the transaction was completed:

Original founders Zhang Xiaojun and Lin Jiayuan
Their combined shareholding dropped to 18.54%
Voting rights only 12.07%

Singapore company Enduring Wealth
Holds only 2.82%
But owns 36.74% super voting rights

Management also underwent a simultaneous personnel change:

Chairman of the board: Jin Xin, founder of Antalpha

New CEO: Yu Peng (former Chief Strategy Officer of Antalpha)

And Antalpha,
is a financial services platform supported by Bitmain.
The story that follows,
stops here.
2. NXTT:
8 employees, 5833 BTC
If Cango is “industry transformation with a clear plan,”
then Next Technology Holding (NXTT)
is a textbook-level “shell company hoarding coins.”

BTC holdings: 5833 coins

Full-time employees: 8

Ranking: 18th globally

NXTT itself is the parent company of Yue Shang Group,
Founded in 2019, listed on NASDAQ.
Yue Shang Group’s background is very luxurious:

Founder Dai Zheng: Co-founder of Qunar

Co-founder Liu Yi: CEO of Zhiding.com

Investors include:

Yao Jinbo (58.com)

Wang Donghui (former CFO of Kingsoft Antivirus)

Temasek, Tencent, JD.com, etc.

A standard star startup start.
Then, the plot took a sharp turn.
Internal power struggles within the company,
Founder Dai Zheng was marginalized.
New CEO appointed: Liu Weihong
His official background is very “clean”:

Bachelor’s degree from a regular UK university

“6 years of crypto investment experience”

As for whom he holds in trust or is responsible for,
there are also some clues in public information.
Still, as I said:
Stop here.
3. Two companies, two “curved hoarding” routes

Cango:
Industry transformation + hash power for control

NXTT:
Shell company + financial structuring + extremely low operating costs

Different forms,
Same goal:
Outside regulation,
to put BTC onto the balance sheet.
To sum up in one sentence:
This is not a coincidence, nor an isolated case.
But a very Eastern way of solving the “Bitcoin assetization” under the current environment for Chinese concept stocks.
Each has its own path,
but both—
are very characteristic of socialism.