Two Chinese companies make it into the top 20 BTC holdings by 2025, with different accumulation strategies

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Mars Finance reports that among the top 20 companies holding BTC in 2025, two Chinese companies have made the list: Cango (灿谷) ranks 16th with 7,419 BTC, and Next Technology Holding ranks 18th with 5,833 BTC. Both are US-listed Chinese concept stocks that, under strict domestic regulations, allocate Bitcoin through offshore entities. Cango, originally an auto finance company, transitioned to Bitcoin mining in 2024. After acquiring mining machines from Bitmain, its hash rate reached 50EH/s, making it the second-largest mining company globally. After the acquisition, control was transferred to Bitmain-affiliated entities, with Antalpha founder Jin Xin serving as chairman of the board. Next Technology is a NASDAQ shell company for YueShang Group, a micro-business SaaS platform, with only 8 full-time employees. The company’s founders include Deng Zeng, co-founder of Qunar, with investors such as Yao Jinbo, Tencent, and JD.com.

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