U.S.-listed Next Technology plans to sell or pledge 5,833 BTC, citing increased custody risks following the Binance hack.

on November 2, according to CoinPost, US Nasdaq-listed Next Technology Holding (NXTT) announced on October 30 that its board of directors unanimously approved the sale or pledge of approximately 5,833 BTC it holds, to mitigate position risk and improve liquidity. The specific quantity and timing of the sale remain undetermined, and this does not constitute a complete liquidation. The resolution authorizes the CEO to divest in tranches, through methods including direct exchange sales, over-the-counter block trades, and BTC-pledged financing.

The decision comes in the wake of the October 29 hack at Binance involving approximately $6.3 billion in stolen assets. The company’s board highlighted hacker attacks, exchange security vulnerabilities, and the potential impact of quantum computing on cryptographic technology, while stating that its BTC is not stored on Binance.