Written by: Wenser, Odaily Planet Daily

Founder of Strategy, Michael Saylor, successfully validated the effectiveness of the "BTC HODL 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 these companies in Asia (including those listed in the US) have gradually become 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.

CEO of Next Technology Holding Group, 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. By the end of 2024, this number was only 833 BTC. Looking back at the establishment process of the company's BTC reserves, there are two key milestones:

First, in January 2024, Dong Licheng, the chairman of WeTrade Group (the predecessor of Next Technology Holding Inc), submitted documents to the US 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 and strong execution capabilities in corporate culture building, as well as relevant experience in constructing 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 documents to the US SEC indicating that it financed the acquisition of an additional 5,000 BTC through the issuance of stocks and warrants.

In early May of this year, thanks to the external disclosure of the company's BTC reserve situation, the stock price of Next Technology Holding Inc (WeTrade Group Inc.) soared by 740% to $2.7, and 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 annual profits nearing 350 million yuan before its listing in 2017. The key figure who led Cango to a successful listing is the company's 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 disappeared from the public eye for nearly five years, only to return as the 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 computing power acquisition.

In March of this year, Cango held 1,944 BTC, worth approximately $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, while appointing a new board of directors and executive team, including: Xin Jin as chairman and non-executive director; Peng Yu as CEO and director; Chang-Wei Chiu as director; Yongyi Zhang as CFO; and Simon Ming Yeung Tang as CIO. At the same time, Zhang Xiaojun resigned from his positions as director and chairman of the board, while Lin Jiayuan stepped down as CEO, interim CFO, and director. The two 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 circulating shares and 36.73% of the voting rights.

Thus, Cango completed the power transition and deep transformation from an automotive trading service provider to a Bitcoin mining company.

According to official disclosure, 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 previously worked 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. Additionally, 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 annual revenue exceeding 500 million yuan with its game "Texas Hold'em." However, as gaming revenue has declined, Boyaa Interactive has begun to look towards broader financial fields.

According to Dai Zhikang, chairman of Boyaa Interactive, "Games and Web 3 have a natural connection point, and we want to leverage our advantages to create high-quality Web 3 game 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 card 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 of Beijing" alongside Li Xiang, the founder of Autohome and Li Xiang Motors, 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 Chuangxiang) in Zhongguancun, Beijing. In 2006, Sequoia Capital invested in the company, which became the first domestic network community software company to receive top venture capital funding. In 2010, domestic internet giant Tencent fully acquired Kangseng Chuangxiang, including Discuz! and other products, for over $60 million (approximately 468 million yuan).

In 2008, Dai Zhikang began his angel investment career, investing in early-stage companies such as Boyaa Interactive, Huobi Group, Moman Camera, Mama Help, and Kemu Software. Over the past decade, more than 30% of the companies he invested in have grown from fewer than ten employees to medium-sized enterprises with sales exceeding one billion.

Rumor has it that he initially had only 1 million yuan in investment funds, of which he invested 400,000 yuan in Boyaa Interactive, achieving over 1,000 times returns when the latter went public.

Additionally, unlike other internet industry figures who often criticize cryptocurrencies, Dai Zhikang, as an "internet veteran," firmly believes in Bitcoin and has been accumulating it in large quantities. Even though Boyaa Interactive's BTC holdings have already doubled in value, he has never disclosed any plans to reduce his holdings.

As of mid-August, according to official announcements, Boyaa Interactive holds a total of 3,416 BTC, with an average cost of approximately $59,300 per BTC, making it the largest holder 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 August 2020, Kong Jianping stepped down as co-chairman of the board of Canaan Creative due to the expiration of his term. Subsequently, he established Haowei Technology in Hangzhou, Zhejiang in 2019 as his main base. In 2022, he successfully led the parent company of Haowei Technology—Nano Labs, a chip design company headquartered in Hong Kong—to complete its IPO on the US stock market, landing 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 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 $63.6 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 took the lead in launching the BNB strategic reserve in June this year, with its stock price rising over 130% at one point. In July, the company announced an 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 to 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 financial report for the first half of the year, Nano Labs reported a net income of 8.3 million yuan (approximately $1.2 million) for 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 $1.6 million), 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 it comes to DDC Enterprise Limited (DDC), many may not know that this company, founded in 2012 and headquartered in New York, is a publicly listed company in the US that provides DayDayCook brand instant, ready-to-cook, and ready-to-eat plant-based meal products in mainland China, Hong Kong, and the US. Additionally, it offers advertising services, including the production and online release of promotional videos, advertising placements on the company's website channels, and offline promotions; third-party branded foods; cooking classes; as well as 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, making its first purchase of 21 BTC.

In July, DDC's founder, chairman, and CEO Zhu Jiaying released a "Letter to Shareholders," stating: "We have secured $53 million in initial funding 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 US SEC for flexible investment actions in the future." Finally, he mentioned that the company's vision is to hold 10,000 Bitcoins by the end of 2025 and to become one of the top three Bitcoin reserve companies globally within three years.

It must be said that the gap between being 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 officially announced an increase of 120 BTC, bringing its total holdings to 488 BTC, with an average holding cost of $98,737 per BTC; this represents an 819% increase in return 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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