Original｜Odaily Planet Daily (@OdailyChina)
Founder of Strategy, Michael Saylor, has successfully validated the effectiveness of the "BTC accumulation strategy" in boosting the stock prices of publicly listed companies with his forward-thinking vision. Many founders of publicly listed companies in Asia have also begun their own "imitation journey." As the BTC holdings of publicly listed companies gradually increase, founders, CEOs, and executives of publicly listed companies in Asia (including those in the US stock market) are becoming the unrecognized kings and "behind-the-scenes decision-makers" in this cycle of the crypto finance circle.
Odaily Planet Daily will summarize some representative figures from BTC reserve publicly listed companies in this article, providing a glimpse into the key players who will determine the future direction of crypto in Asia.
Next Technology Holding Group CEO Liu Weihong: Holding 5,833 BTC
Next Technology Holding Inc (NXTT) ranks 15th among publicly listed companies in terms of BTC holdings, with a total of 5,833 BTC. At the end of 2024, this number was only 833. Looking back at the establishment process of the company's BTC reserves, there are two key milestones:
First, in January 2024, WeTrade Group (the predecessor of Next Technology Holding Inc) Chairman Dong Licheng submitted a document to the SEC appointing Liu Weihong as the company's CEO. According to the document, "Mr. Liu Weihong has over 6 years of investment and research experience in the field of crypto assets and blockchain technology; he has conducted in-depth analysis and strategic layout of potential investment opportunities in crypto assets. In addition, he has innovative business plans in high-tech and rapidly growing AI-generated content businesses, with a profound understanding of compliance requirements, market insights, and product functionality; he also possesses rich knowledge reserves and strong execution capabilities in corporate culture construction, as well as relevant experience in building a diverse corporate culture communication system. He holds a bachelor's degree in business management from the University of the West of England." There is limited public information available online about Liu Weihong, and Odaily Planet Daily has not found more information. Based on the current situation, Liu Weihong appears to be a professional manager and strategic advisor brought in by the company to establish BTC reserves. After he took over Next Technology Holding, the company began its "BTC reserve strategy journey."
Second, on March 12 of this year, Next Technology Holding submitted a document to the SEC, through which it financed the acquisition of an additional 5,000 BTC by issuing stocks and warrants.
In early May of this year, thanks to the company's disclosure of its BTC reserve situation, Next Technology Holding Inc (WeTrade Group Inc.) saw its stock price soar 740% to $2.7, although it has since fallen back to $1.03.
It is worth noting that the company's publicly disclosed business focus is on software development and Bitcoin investment, with a net income of $193.4 million in the first quarter of 2025, almost entirely from unrealized gains in digital assets.
Former Chairman of Cango Zhang Xiaojun: Holding 4,679 BTC
Zhang Xiaojun
As a traditional technology automotive trading platform established in 2010, Cango Group successfully completed its IPO on the US stock market in 2018, with its annual profit nearing 350 million yuan in 2017 just before going public. The key figure who led Cango to a successful listing is Chairman Zhang Xiaojun. In 2004, he participated as a key person in the establishment of China's first automotive finance company—SAIC General Motors Automotive Finance Co., Ltd., and served as a director and deputy general manager for the next nine years. In 2018, after leaving the company, he remained out of the spotlight for nearly five years before returning as Chairman of Cango Group, a position he held until July of this year.
It is noteworthy that as a publicly listed company, Cango's automotive trading service business has remained relatively stable, but this year, it made a bold decision to officially exit its traditional automotive business with a transaction volume of $352 million, focusing instead on Bitcoin mining for Bitmain (one of the world's leading mining machine manufacturers) and becoming the second-largest mining company globally through the acquisition of computing power. For more stories about Cango, see Odaily Planet Daily's previous in-depth article “Finding Potential Crypto US Stocks: How Did Cango Leap from an Automotive Company to the Second Largest Bitcoin Mining Company in the World?”.
In March of this year, Cango held 1,944 BTC, which was approximately $162 million at that time.
In July of this year, Cango Inc. (NYSE: CANG) announced its transformation into a global Bitcoin mining company, while appointing a new board of directors and executive team, including: Xin Jin as Chairman of the Board and Non-Executive Director; Peng Yu as CEO and Director; Chang-Wei Chiu as Director; Yongyi Zhang as CFO; Simon Ming Yeung Tang as CIO. At the same time, Zhang Xiaojun resigned from his positions as Director and Chairman of the Board, and Lin Jiayuan stepped down as CEO, interim CFO, and Director. Both completed a secondary acquisition—selling a total of 10 million Class B common shares to Enduring Wealth Capital Limited for a total price of $70 million; and voluntarily converting all remaining Class B common shares held by their holding company into Class A common shares with one vote per share. After the transaction, they collectively held 18.54% of the company's total circulating shares and 12.07% of the total voting rights; Enduring Wealth Capital Limited held approximately 2.82% of the company's circulating shares and 36.73% of the voting rights.
Thus, Cango completed the power transfer and deep transformation from an automotive trading service provider to a Bitcoin mining company.
According to official disclosure information, Cango's CEO Peng Yu previously served as Managing Director at Agricultural Bank of China International Investment Management Limited, and has also held positions as CEO of China Rongzhong Asset Management Co., Ltd. and Senior Vice President of Orix Asia Capital Limited; he has early experience in the investment banking division of China Construction Bank International Financial Co., Ltd. and later became a board and investment committee member of a private equity fund under China Construction Bank International Holdings Limited. In addition, he has over 18 years of cross-industry leadership experience covering BTC mining, energy, mergers and acquisitions, and asset management; he holds a master's degree in business media from Marietta College and a bachelor's degree in financial engineering from Shandong University. As of now, Cango holds 4,679 BTC, ranking 20th among publicly listed companies globally.
Chairman of Boyaa Interactive Dai Zhikang: Holding 3,416 BTC
Dai Zhikang (Image source: Baidu Encyclopedia)
As a well-established gaming company founded 20 years ago, Boyaa Interactive has built up BTC reserves but has not fully transitioned into a "cryptocurrency shell company." It is understood that from January to June 2025, the proportion of its online game revenue still reached 97.3%; over 95% of its 226 employees are still engaged in gaming. Previously, the company achieved over 500 million yuan in annual revenue with its game "Texas Hold'em." However, as gaming revenue has declined, Boyaa Interactive has begun to look towards broader financial fields.
According to Boyaa Interactive Chairman Dai Zhikang, "Gaming and Web 3 have a natural intersection, and we want to leverage our strengths to create high-quality Web 3 gaming products. What Boyaa Interactive essentially does is sell game coins and other virtual tokens as well as virtual items. To some extent, the game coins in board games are similar to stablecoins."
Speaking of Dai Zhikang, his personal experience is quite legendary. Born in 1981 in Daqing, Heilongjiang, he was once known as one of the "Four Young IT Entrepreneurs in Beijing" alongside Li Xiang, the founder of Autohome and Li Auto, due to his early entrepreneurial success in Beijing.
In 2001, he started his entrepreneurial journey with 800 yuan, successfully launching the internet community forum software Discuz!, which was adopted by nearly 600,000 websites, becoming one of the most widely used community products globally.
In 2004, Dai Zhikang founded Beijing Kangseng Century Technology Co., Ltd. (later renamed Kangseng Creative) in Zhongguancun, Beijing. In 2006, Sequoia Capital invested in the company, leading to its first round of financing of several million dollars, making it the first domestic network community software company to receive top venture capital. In 2010, domestic internet giant Tencent fully acquired Kangseng Creative, including products like Discuz!, for over $60 million (approximately 468 million yuan).
In 2008, Dai Zhikang began his angel investment career, successively investing in early-stage companies such as Boyaa Interactive, Huobi Group, Magic Camera, Mama Help, and Kemu Software. Over the course of more than a decade, over 30% of the companies he invested in grew from fewer than ten employees to medium-sized enterprises with sales exceeding one billion. It is rumored that he initially had only 1 million in investment funds, of which he invested 400,000 in Boyaa Interactive, achieving over 1,000 times returns when the latter went public.
In addition, unlike other internet industry figures who often criticize cryptocurrencies, Dai Zhikang, as a "veteran of the internet," firmly believes in Bitcoin and has been accumulating it in large quantities. Even though Boyaa Interactive's current BTC holdings have doubled in value, he has never disclosed any reduction in holdings.
As of mid-August, according to official announcements, Boyaa Interactive holds a total of 3,416 Bitcoins, with an average cost of approximately $59,300 per coin, making its holding scale the largest among Hong Kong-listed companies.
Founder of Nano Labs Kong Jianping: Holding 1,000 BTC
Kong Jianping
Currently active in the cryptocurrency market as the founder of the US-listed company Nano Labs, Kong Jianping initially gained recognition as an investor in Canaan Creative, known as the "first stock of Bitcoin mining machines." He later joined Canaan Creative as co-chairman and led the company to its listing on the NASDAQ in the United States.
In August 2020, Kong Jianping stepped down as co-chairman of Canaan Creative's board of directors due to the expiration of his term. Subsequently, he established Haowei Technology in Hangzhou, Zhejiang in 2019 as his main base and successfully led the parent company of Haowei Technology—chip design company Nano Labs, headquartered in Hong Kong—to complete its IPO on the NASDAQ in 2022.
In February of this year, Nano Labs raised $5.9 million through private equity transactions and increased its BTC holdings to 400 coins, with an average acquisition cost of approximately $99,500, including transaction fees.
In June, Nano Labs further increased its holdings by acquiring 600 BTC (valued at $6.36 million at the time) through $500 million in convertible bond financing, bringing its total BTC holdings to 1,000 coins.
Additionally, it is worth mentioning that Nano Labs was the first to initiate the BNB Strategic Reserve in June of this year, with its stock price rising over 130%; in July, the company announced its investment in BNB Strategic Reserve company CEA INDUSTRIES Inc, further strengthening the BNB Strategic Reserve. According to the terms of the agreement, Nano Labs subscribed for 495,050 shares of Class A common stock of CEA INDUSTRIES INC. at a price of $10.10 per share. This investment also included an equal number of 495,050 warrants, with an exercise price of $15.15 per share. If all warrants are exercised, Nano Labs will hold up to 990,100 shares of the company.
According to its recently released half-year financial report, Nano Labs reported a net income of 8.3 million yuan (approximately $1.2 million) in the first half of the year, compared to 24.7 million yuan in the same period of 2024; the net loss was 11.8 million yuan (approximately $160,000), compared to a net loss of 59.1 million yuan in the same period last year. According to its official disclosure, it currently holds over 128,000 BNB.
Founder, Chairman, and CEO of DDC Zhu Jiaying: Holding 588 BTC
Zhu Jiaying
When mentioning DDC Enterprise Limited (DDC), many may not know that this US-listed company, founded in 2012 and headquartered in New York, provides DayDayCook brand instant, ready-to-cook, and ready-to-eat plant-based meal products in mainland China, Hong Kong, and the United States. Additionally, it offers advertising services, including the production and online release of promotional videos, advertising placements on the company's website channels, offline promotions, third-party brand foods, cooking classes, and content streaming and product marketing services. DDC Enterprise Limited sells its products through third-party e-commerce platforms, distributors, and offline retail chains and supermarkets.
Its official public account "DayDayCook" is also one of the leading food accounts in the country.
In May of this year, the company announced the establishment of a BTC strategic reserve, initially purchasing 21 BTC.
In July, DDC's founder, chairman, and CEO Zhu Jiaying released a “Letter to Shareholders” stating: "We have secured initial funding of $53 million from well-known partners such as Anson Funds, Animoca Brands, and Kenetic Capital, and have received a commitment of up to $528 million in transformation capital for the subsequent execution of the Bitcoin reserve strategy. Additionally, DDC has submitted a $500 million F-3 universal shelf registration statement to the SEC for flexible investment actions in the future." Finally, he mentioned the company's vision—to hold 10,000 Bitcoins by the end of 2025 and become one of the top three Bitcoin reserve companies globally within three years.
It must be said that the gap between a food brand company and a BTC strategic reserve company is extremely vast, but from Zhu Jiaying's letter to shareholders, we can easily see his and the company's firm determination.
In August, the company again officially announced an increase of 120 BTC, bringing its total holdings to 488 BTC, with an average holding cost of $98,737/BTC; achieving an 819% return on investment since the initial purchase in May; at that time, the holdings corresponded to 0.058704 BTC for every 1,000 shares of DDC. As of today, its holdings have once again surged to 588 BTC.
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