NXTT Stock Falls Despite Bitcoin Gains

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Shares of Next Technology (NXTT) fell -4.76% on Nasdaq Monday, and another -7.43% after-hours, after announcing plans to raise $500M for Bitcoin purchases.

Despite the drop, the company has made major paper gains:

Bought 833 BTC in Dec 2023 + 5,000 BTC in March 2024

Average cost: $31,386 per BTC

Paper profit: +266.7%

Unlike firms with fixed targets like Metaplanet or Semler Scientific, Next Technology says it will monitor market conditions and take a month-by-month approach to accumulation.