Original | Odaily Planet Daily ( @OdailyChina )

By Wenser ( @wenser 2010 )

Strategy founder Michael Saylor, with his foresight, successfully demonstrated the effectiveness of the "BTC hoarding strategy" in boosting the stock prices of listed companies, prompting numerous founders of listed companies in Asia to follow suit. As BTC holdings by listed companies have steadily risen, founders, CEOs, and senior executives of listed companies in Asia (including those listed in the US) have become the uncrowned kings and "behind-the-scenes decision-makers" of the crypto-finance world during this cycle.

Odaily Planet Daily will summarize some representative figures of listed companies with BTC reserves in this article, giving us a glimpse into the key candidates who will determine the future direction of encryption 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 5,833 BTC. By the end of 2024, this figure was only 833. Looking back at the company's BTC reserve accumulation process, there are two key milestones:

First, in January 2024, Dong Lichen, Chairman of WeTrade Group (the predecessor of Next Technology Holding Inc.) , filed documents with the US SEC stating his appointment of Liu Weihong as the company's Chief Executive Officer (CEO). According to the document, "Mr. Liu Weihong has over six years of investment and research experience in crypto assets and blockchain technology, and has conducted in-depth analysis and strategic planning of potential investment opportunities in crypto assets. Furthermore, he has innovative business plans for the high-tech and fast-growing AI-generated content business, and possesses a deep understanding of compliance requirements, market insights, and product functionality. He also possesses extensive knowledge and strong execution capabilities in corporate culture development, as well as experience in building a diversified corporate culture communication system. He holds a Bachelor of Business Administration from the University of the West of England." Public information about Liu Weihong is limited online, and Odaily Planet Daily has not yet found further information. Based on the current situation, Liu Weihong appears to be a professional manager and strategic advisor brought in by the company to build its BTC reserve. Immediately after his appointment as CEO of Next Technology Holding, the company embarked on its own "BTC reserve strategy."

The second is the document information submitted by Next Technology Holdings to the U.S. SEC on March 12 this year, which increased its holdings of 5,000 BTC by issuing stocks and warrants.

In early May this year, thanks to the disclosure of the company's BTC reserves, the share price of Next Technology Holding Inc. (WeTrade Group Inc.) soared 740% to US$2.7 , and has now fallen back to US$1.03.

It is worth noting that the company's disclosed business focus is software development and Bitcoin investment. Its net income in the first quarter of 2025 was US$193.4 million, almost entirely from unrealized gains on digital assets.

Zhang Xiaojun, former chairman of Cangu: holding 4,679 BTC

Zhang Xiaojun

Cango Group, a traditional tech auto trading platform founded in 2010, successfully completed its US IPO in 2018. Prior to its IPO, Cango Group reported annual profits approaching 350 million yuan in 2017. The key figure in Cango's successful IPO was its chairman, Zhang Xiaojun. In 2004, he was a key figure in the establishment of SAIC-GM Financial, China's first auto finance company, and served as its director and deputy general manager for the following nine years. After leaving the company in 2018 and remaining inactive for nearly five years, he returned as chairman of Cango Group, a position he held until July of this year.

It's worth noting that as a listed company, Cangu's automotive trading services business has been relatively stable. However, this year, it made a bold move, officially exiting its traditional automotive business with a $352 million transaction. It has since focused on Bitcoin mining for BitMAIN (one of the world's leading mining machine manufacturers), and through hashrate acquisitions, has become the world's second-largest mining company. For more on Cangu's story, see Odaily's previous in-depth article , "Searching for Potential US Crypto Stocks: How Cangu Leaped from a Car Company to the World's Second-Largest Bitcoin Miner."

In March of this year, Cangu held 1,944 BTC , which was equivalent to approximately US$162 million at the time.

In July of this year, Cango Inc. (NYSE: CANG) announced the completion of its transformation into a global Bitcoin mining company and appointed a new board of directors and executive team . Xin Jin was appointed Chairman and Non-Executive Director; Peng Yu was appointed CEO and Director; Chang-Wei Chiu was appointed Director; Yongyi Zhang was appointed Chief Financial Officer; and Simon Ming Yeung Tang was appointed Chief Investment Officer. Zhang Xiaojun resigned as Director and Chairman, and Lin Jiayuan resigned as CEO, Interim Chief Financial Officer, and Director. Both individuals also completed a secondary acquisition, selling a total of 10 million Class B common shares to Enduring Wealth Capital Limited for a total consideration of US$70 million. They also voluntarily converted all remaining Class B common shares held by their holding company into Class A common shares, each with one vote. After the transaction is completed, they will hold a total of 18.54% of the company's total outstanding shares and 12.07% of the total voting rights; Enduring Wealth Capital Limited will hold approximately 2.82% of the company's outstanding shares and 36.73% of the voting rights.

Since then, Cangu has completed the power inheritance and deep transformation from an automobile trading service provider to a Bitcoin mining company.

According to official information , Peng Yu, the current CEO of Cangu, previously served as Managing Director of ABC International Investment Management Co., Ltd., and also served as CEO of Zhongrong Huijin Asset Management Co., Ltd. and Senior Vice President of Orix Asia Capital Co., Ltd.; he previously worked in the Investment Banking Division of China Construction Bank International Finance Co., Ltd., and later served as a member of the Board of Directors and Investment Committee of a private equity fund under China Construction Bank International Holdings Co., Ltd. He also 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 Corporate Media from Marietta College and a Bachelor's degree in Financial Engineering from Shandong University. As of now, Cangu holds 4,679 BTC, ranking 20th among publicly listed companies globally.

Dai Zhikang, Chairman of Boyaa Interactive: Holding 3,416 BTC

Dai Zhikang (Photo source: Baidu Encyclopedia)

As a 20-year-old gaming company, Boyaa Interactive, despite building up its BTC reserves, has not fully transitioned to a cryptocurrency shell company. It is understood that from January to June 2025, online gaming still accounted for 97.3% of its revenue, and over 95% of its 226 employees were in the gaming industry. Previously, the company once achieved annual revenue exceeding 500 million yuan from its single game, Texas Hold'em. However, with declining gaming revenue, Boyaa Interactive has begun to turn its attention to the broader financial sector.

Dai Zhikang, Chairman of Boyaa Interactive, stated, "Gaming and Web 3 have a natural convergence, and we want to leverage our strengths to create high-quality Web 3 gaming products. Boyaa Interactive essentially sells virtual tokens, such as game coins, and virtual items. To some extent, game coins in chess and card games are similar to stablecoins ."

Dai Zhikang's story is quite legendary. Born in Daqing, Heilongjiang Province in 1981, he was known as one of the "Four Young IT Prodigies of Beijing" along with Li Xiang, founder of Autohome and Li Auto, for his early success in Beijing.

In 2001, he started his own business with 800 yuan of capital and successfully launched the Internet community forum software Discuz!, which was adopted by nearly 600,000 websites at one time and became one of the community products with the largest number of users in the world.

In 2004, Dai Zhikang founded Beijing Kangsheng Century Technology Co., Ltd. (later renamed Kangsheng Chuangxiang) in Beijing's Zhongguancun district. In 2006, Sequoia Capital participated in its first multi-million dollar round of financing, making the company the first online community software company in China to receive top-tier venture capital. In 2010, Chinese internet giant Tencent acquired Kangsheng Chuangxiang, including its Discuz! and other products, for over $60 million (approximately 468 million yuan).

Dai Zhikang began his angel investment career in 2008, investing in early-stage companies such as Boyaa Interactive , Huobi Group , Moman Camera , Lamamabang , and Kemu Software. Over the past decade, over 30% of these companies have grown from fewer than ten employees to mid-sized enterprises with sales exceeding 1 billion yuan. Rumor has it that he initially invested only 1 million yuan, of which 400,000 yuan was invested in Boyaa Interactive, resulting in a return of over 1,000 times when the latter went public.

In addition, unlike other people in the Internet industry who often criticize cryptocurrencies, Dai Zhikang, an "Internet veteran", is a firm believer in Bitcoin and has been hoarding it in large quantities. Even though Boyaa Interactive's current BTC holdings have doubled in profit, it has never disclosed any reduction in holdings.

As of mid-August, according to official announcements, Boyaa Interactive held a total of 3,416 bitcoins, with an average cost of approximately US$59,300 per bitcoin, ranking first among Hong Kong-listed companies in terms of the scale of its holdings.

Nano Labs founder Kong Jianping: Holding 1,000 BTC

Kong Jianping

Kong Jianping, currently active in the cryptocurrency market as the founder of Nano Labs, a US-listed company, initially invested in Canaan Inc., the first Bitcoin mining rig company to go public. He subsequently joined Canaan Inc. as co-chairman and led its listing on the Nasdaq.

In August 2020, Kong Jianping ceased to serve as co-chairman of Canaan Inc.'s board of directors due to the expiration of his term. Subsequently, he made OmniVision Technologies, founded in Hangzhou, Zhejiang in 2019, his main base, and in 2022 successfully led Nano Labs, a chip design company headquartered in Hong Kong, China, the parent company of OmniVision Technologies, to complete its US IPO and list on Nasdaq.

In February of this year, Nano Labs raised $5.9 million through a private equity transaction and increased its BTC holdings to 400 , with an average acquisition cost of approximately $99,500, including transaction fees.

In June, Nano Labs raised $500 million in convertible bonds to acquire another 600 BTC (worth $63.6 million at the time), bringing its total BTC holdings to 1,000.

It's also worth noting that Nano Labs pioneered the Binance Coin (BNB) Strategic Reserve in June of this year, sending its stock price soaring by over 130% . In July, the company announced an investment in CEA Industries Inc., a BNB strategic reserve company, to further strengthen its BNB strategic reserve. Under the terms of the agreement, Nano Labs subscribed for 495,050 Class A common shares of CEA Industries Inc. at $10.10 per share. The investment also included an equal number of 495,050 warrants with an exercise price of $15.15 per share. If fully exercised, Nano Labs will hold a maximum of 990,100 shares of the company.

According to its recently released first-half financial report , Nano Labs reported net revenue of RMB 8.3 million (approximately US$1.2 million) in the first half of 2024, compared to RMB 24.7 million in the same period. Its net loss was RMB 11.8 million (approximately US$1.6 million), compared to RMB 59.1 million in the same period last year. According to official disclosures, Nano Labs currently holds over 128,000 BNB tokens.

DDC founder, chairman, and CEO Zhu Jiaying: holds 588 BTC

Zhu Jiaying

What many people may not know about DDC Enterprise Limited (DDC), a US-listed company headquartered in New York and founded in 2012, is that it offers DayDayCook branded ready-to-heat, ready-to-cook, and ready-to-eat plant-based meal products in mainland China, Hong Kong, and the United States. DDC also provides advertising services, including the production and online distribution of promotional videos, advertising on the company's website, and offline promotions; third-party branded food products; cooking courses; content streaming, and product marketplace 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 top food accounts in China.

In May this year, the company announced the establishment of a BTC strategic reserve, purchasing 21 BTC for the first time.

In July, DDC founder, chairman and CEO Zhu Jiaying released a letter to shareholders stating: "We have obtained $53 million in initial funding from well-known partners such as Anson Funds, Animoca Brands and Kenetic Capital, and have obtained up to $528 million in transformational capital commitments for the subsequent implementation of our Bitcoin reserve strategy. In addition, DDC has submitted a $500 million F-3 general shelf registration statement to the US SEC for subsequent flexible investment actions." Finally, it mentioned the company's vision: to hold 10,000 Bitcoins by the end of 2025; and to become one of the top three Bitcoin reserve companies in the world within three years.

It has to be said that the gap between a food brand company and a BTC strategic reserve company is extremely huge, but from Zhu Jiaying's shareholder letter, it is not difficult to see the firm determination of herself and the company behind her.

In August, the company announced it had increased its holdings by another 120 BTC, bringing its total holdings to 488, with an average cost of $98,737 per BTC. This represents an 819% return on its initial purchase in May, when its holdings were equivalent to 0.058704 BTC per 1,000 DDC shares. As of today, its holdings have jumped again to 588 BTC.

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