Next Technology Dilutes Bitcoin Exposure by 98% via Reverse Split

Woofun AI reports that Next Technology executed a 1-for-100 reverse split on Nasdaq, a corporate action that dilutes investor exposure by 98% without selling any underlying assets.

The mechanics of the restructuring are precise: the Aug. 10 action applies a 1-for-100 ratio, meaning 100 old shares become one new share. This adjustment interacts with the September reset, where two ratios compound to one share for every 20,000 originally held, subject to fractional-share rounding. Consequently, calculated Bitcoin per share slid about 98%, from roughly 204,000 satoshis at the later-reported September baseline to about 4,000 satoshis at June 30. The Aug. 10 split would lift that calculation to about 396,000 satoshis for each new share, reflecting the new unit size rather than a change in proportional slice.

Woofun AI data shows Next Technology reported approximately 5,833 BTC at June 30, matching its approximate Sept. 30 balance, with the June filing carrying those holdings at $351.5 million.

Structurally, the equity plan implications are severe: the latest quarter lists 7.98 million shares available under the 2025 Equity Incentive Plan, and the Aug. 5 filing says the split will leave that reserve untouched. This reserve equals about 5.4 times the projected post-split share count, while the company’s authorized common share count remains unlimited.

The reverse-split filing supplies no motive and makes no mention of a new Nasdaq deficiency, leaving future issuance uncertainty high. This marks a significant divergence between asset retention and shareholder value density.