How a Nasdaq Bitcoin holder diluted investors by 98% without selling a single coin

Next Technology Holding Inc. (Nasdaq: NXTT) will turn every 100 shares into one at 12:01 a.m. ET on Aug. 10, 2026. Nasdaq trading is expected to open on a split-adjusted basis that morning. The Aug. 5 filing projects the outstanding count will fall from approximately 147,296,192 shares to approximately 1,472,962.

This is the company’s second reverse split in less than 11 months. Its 1-for-200 action took effect on Sept. 16, 2025, cutting approximately 566.3 million shares to a later audited count of 2,862,556. The contemporaneous filing projected 2,831,326 shares. An interim quarterly report later listed 2,865,730. The filings leave those small differences unreconciled.

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New shares began arriving weeks later. Equity-plan grants added 2.02 million shares and took the total to 4,882,556 by Dec. 31. A March registered direct offering added another 71,381,818 common shares. The outstanding count reached 76,264,374 at March 31 and was unchanged at April 29, according to the company’s first-quarter report.

Pre-funded warrant exercises added another 71,031,818 shares during the second quarter. The latest quarterly filing puts the June 30 total at 147,296,192, roughly 51.5 times the later-reported post-September baseline.

For investors who held the stock before the September reset, the two ratios compound to one share for every 20,000 originally held, subject to fractional-share rounding. The Aug. 10 action itself has a 1-for-100 ratio.

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Bitcoin per share fell as the share count rebuilt

Next Technology reported approximately 5,833 BTC at June 30, matching its approximate Sept. 30 balance. The June filing carried those holdings at $351.5 million.

The math is stark. Using approximately 5,833 BTC at both endpoints, 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. An investor’s 100 old shares become one, so the 100-fold jump reflects the new unit size. Apart from rounding, the investor keeps the same proportional slice. The Bitcoin stays on Next Technology’s balance sheet. Shareholders get indirect exposure through NXTT.

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A large equity-plan reserve stays in place after the split. 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. It equals about 5.4 times the projected post-split share count. The company’s authorized common share count remains unlimited.

Those figures describe capacity alone. Future issuance remains uncertain. The reverse-split filing supplies no motive and makes no mention of a new Nasdaq deficiency.