How a Nasdaq Bitcoin holder diluted investors by 98% without selling a single coin

Next Technology Holding Inc. (Nasdaq: NXTT) will turn every 100 shares into one at 12:01 a.m. ET on Aug. 10, 2026. Nasdaq trading is expected to open on a split-adjusted basis that morning. The Aug. 5 filing projects the outstanding count will fall from approximately 147,296,192 shares to approximately 1,472,962.This is the company’s second reverse split in less than 11 months. Its 1-for-200 action took effect on Sept. 16, 2025, cutting approximately 566.3 million shares to a later audited count of 2,862,556. The contemporaneous filing projected 2,831,326 shares. An interim quarterly report later listed 2,865,730. The filings leave those small differences unreconciled.New shares began arriving weeks later. Equity-plan grants added 2.02 million shares and took the total to 4,882,556 by Dec. 31. A March registered direct offering added another 71,381,818 common shares. The outstanding count reached 76,264,374 at March 31 and was unchanged at April 29, according to the company’s first-quarter report.Pre-funded warrant exercises added another 71,031,818 shares during the second quarter. The latest quarterly filing puts the June 30 total at 147,296,192, roughly 51.5 times the later-repo...