Two Chinese companies have entered the top 20 in BTC holdings in 2025, with different accumulation strategies.
TL;DR
Two US-listed Chinese companies, Cango and Next Technology Holding, rank among the top 20 BTC holders in 2025, with holdings of 7419 BTC and 5833 BTC respectively. They accumulated Bitcoin through overseas entities due to strict domestic regulations, with Cango transforming into a major mining company and Next Technology being a small SaaS platform.
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[Two Chinese Companies Among Top 20 BTC Holders in 2025, with Different Accumulation Strategies] According to Mars Finance, two Chinese companies are among the top 20 BTC holders in 2025: Cango ranks 16th with 7419 BTC, and Next Technology Holding ranks 18th with 5833 BTC. Both are US-listed Chinese companies that have allocated Bitcoin through overseas entities under strict domestic regulations. Cango was originally an auto finance company, but transformed into a Bitcoin mining company in 2024. After acquiring mining machines from Bitmain, its hashrate reached 50 EH/s, making it the world's second-largest mining company. After the acquisition, actual control was transferred to the Bitmain group, with Antalpha founder Jin Xin serving as chairman of the board. Next Technology is a Nasdaq shell company of YueShang Group, a micro-business SaaS platform, with only 8 full-time employees. The company's founders include Dai Zheng, co-founder of Qunar.com, and investors include Yao Jinbo, Tencent, and JD.com.