In the top 20 holdings of #BTC in 2025,

Two Chinese companies have quietly infiltrated.
And both are quite “curved.”
One originally focused on auto loans,
The other on micro-business SaaS.
Against the backdrop of strict domestic crypto regulation,
They both chose to use US-listed Chinese concept stocks as shells to allocate Bitcoin.
This is not a coincidence,
It’s a path choice.
1. Cango (灿谷):
From an auto loan company to the world’s second-largest mining enterprise
Cango is an auto finance company listed on the NYSE in 2018.
After its main business declined, in 2024 it chose to make a direct “amputation”—
Transform into Bitcoin mining.
In November 2024,
It acquired mining machines from Bitmain for $256 million.
By June 2025,
It increased its hash rate to 50 EH/s.
The result is:
Ranked second in global hash power, only behind MARA.
But the more interesting part is what comes next.
With the mining machines in place, control was also established.
After the transaction:
Original founders Zhang Xiaojun and Lin Jiayuan
Holds combined shareholding dropped to 18.54%
Voting rights only 12.07%
Singapore company Enduring Wealth
Holds just 2.82%
But owns 36.74% super voting rights
Management also underwent a simultaneous personnel change:
Chairman of the board: Jin Xin, founder of Antalpha
New CEO: Yu Peng (former Chief Strategy Officer of Antalpha)
And Antalpha,
is a financial services platform supported by Bitmain.
The story that follows,
stops here.
2. NXTT:
8 employees, 5833 BTC
If Cango is “industry transformation with a clear plan,”
Then Next Technology Holding (NXTT)
is a textbook example of “shell company hoarding coins.”
BTC holdings: 5833 coins
Full-time employees: 8
Ranked: 18th globally
NXTT itself is the parent company of YueShang Group,
Founded in 2019, listed on NASDAQ.
YueShang Group’s background is very impressive:
Founder Dai Zheng: Co-founder of Qunar
Co-founder Liu Yi: CEO of Zhiding.com
Investors include:
Yao Jinbo (58.com)
Wang Donghui (former CFO of Kingsoft Antivirus)
Temasek, Tencent, JD.com, and others
A standard star startup start.
Then, the plot took a sharp turn.
Internal power struggles within the company,
Founder Dai Zheng was marginalized.
A new CEO took the helm: Liu Weihong
His official background is very “clean”:
Bachelor’s degree from a regular UK university
“6 years of crypto investment experience”
As for whom he holds in trust or is responsible for,
there are also some clues in public information.
Again, the same phrase:
Stop here.
3. Two companies, two “curved hoarding” routes
Cango:
Industry transformation + hash power to control
NXTT:
Shell company + financial allocation + extremely low operating costs
Different forms,
Same goal:
Outside regulation,
to embed BTC into the balance sheet.
To sum up in one sentence:
This is not a coincidence, nor an isolated case.
But a very “Eastern” way for Chinese concept stocks under the current environment
to achieve “Bitcoin assetization.”
Each has its own path,
but both—
are very characteristic of socialism.