How a Nasdaq Bitcoin holder diluted investors by 98% without selling a single coin
Next Technology Holding Inc. will complete a 1-for-100 reverse split at 12:01 a.m. ET on Aug. 10, 2026, with split-adjusted Nasdaq trading expected that morning. The outstanding share count is projected to drop from about 147.3 million to about 1.47 million. This follows a prior 1-for-200 reverse split that took effect on Sept. 16, 2025. Since then, large equity-plan grants, a registered direct offering, and warrant exercises expanded the share count sharply, taking it to 147.3 million by June 30. For holders before the September split, the two reverse splits together equal roughly one new share for every 20,000 old shares, aside from fractional-share rounding. The company reported about 5,833 BTC at June 30, valued at $351.5 million. Because the Bitcoin balance was roughly unchanged from September while shares surged, Bitcoin per share fell sharply. The reverse split does not change the company’s Bitcoin holdings, and the equity incentive reserve remains untouched.
