Two Chinese Companies Crack Top 20 Bitcoin Corporate Holders in 2025

As 2025 comes to a close, the list of top 20 corporate Bitcoin holders includes two surprising Chinese names: Cango (ranked 16th with 7,419 BTC) and Next Technology Holding (18th with 5,833 BTC). Both are U.S.-listed Chinese ADRs, navigating strict domestic crypto restrictions by using offshore entities to build substantial Bitcoin treasuries—a clever “indirect accumulation” strategy.

Their stories reveal dramatically different paths to the same destination.

(Sources: X)

Cango: From Auto Finance to Bitcoin Mining Powerhouse

Cango, listed on the NYSE since 2018, began as a legitimate auto-finance platform. As its core business declined, the company made a bold pivot.

In November 2024, Cango acquired Bitcoin mining rigs from Bitmain for $256 million. By June 2025, further purchases boosted its hashrate to 50 EH/s—vaulting it to the world’s second-largest mining operation, behind only MARA.

The transformation came with a change in control. Post-acquisition, founders Zhang Xiaojun and Lin Jiayuan saw their combined stake fall to 18.54% and voting power to 12.07%.

Singapore-based Enduring Wealth, holding just 2.82% of shares, gained control through 36.74% super-voting rights.

Management shifted decisively toward Bitmain affiliates: Antalpha founder and CEO Jin Xin became chairman, while new CEO Yu Peng—previously Antalpha’s chief strategy officer—took the helm.

Antalpha is a financial services platform backed by Bitmain, completing the circle.

Next Technology Holding: A Shell Company with Elite Roots

Next Technology Holding (NXTT) stands out for its tiny footprint—just 8 full-time employees—yet ranks as China’s second-largest corporate Bitcoin holder.

The Nasdaq-listed entity is the parent of Yue Shang Group (formerly Yue Lv Group), founded in 2019 by heavyweights: co-founder Dai Zheng (Qunar co-founder), CEO Liu Yi (Zhiding.com CEO), and investors including Yao Jinbo (58.com founder) and Wang Donghui (former Kingsoft CFO).

Early backers included top VCs like Boiling Point Capital, Guyin Capital, Temasek, Tencent, and JD.com.

Internal conflict later marginalized founder Dai Zheng, elevating new CEO Liu Weihong—a figure with opaque background (ordinary UK university degree and “6 years of crypto investment experience”).

Public records hint at proxy holdings, though details remain limited.

“Indirect Accumulation” in a Restrictive Environment

Both companies exemplify a uniquely Chinese approach to Bitcoin exposure. Strict domestic regulations prohibit direct crypto activities, so firms use U.S.-listed vehicles to build treasuries offshore.

Cango transformed through mining acquisitions and control shifts; NXTT leveraged a high-profile shell with elite connections.

These paths highlight creative corporate strategies in a tightly regulated landscape—blending traditional business pivots with crypto ambition, all under the umbrella of overseas listings.

As Bitcoin corporate adoption grows globally, these Chinese entrants add an intriguing layer to the treasury race.