Next Technology Holding Inc., formerly known as WeTrade Group Inc., reported its financial results for the fiscal year ending December 31, 2024, revealing a significant shift in its operational focus and financial performance. The company generated total revenue of $1.8 million, a decrease from $2.5 million in the previous year. This decline is attributed primarily to reduced service revenue from its AI-enabled software development services. However, the company reported a notable increase in net income from continuing operations, which reached $21.54 million compared to $3.02 million in 2023, largely due to a substantial fair value gain of $43.18 million on its Bitcoin holdings.
The company's total assets surged to $92.92 million as of December 31, 2024, up from $48.93 million in the prior year, driven by an increase in digital assets, which rose to $78.32 million from $35.14 million. This growth in digital assets reflects the company's strategic decision to acquire and hold Bitcoin, with a total of 833 Bitcoins held at year-end. The company’s liabilities also increased, totaling $11.29 million, primarily due to deferred tax liabilities of $8.23 million.
In terms of operational changes, Next Technology made significant adjustments to its management team, appointing Weihong Liu as CEO and Eve Chan as CFO in early 2024. The company also dissolved its subsidiary, WeTrade Technology (Shanghai) Co., Ltd., in July 2024, marking a strategic exit from the Chinese market. This decision was part of a broader strategy to streamline operations and focus on its core business areas, including software development and digital asset management.
The company’s engagement with Bitcoin has been a focal point of its strategy, with plans to continue accumulating Bitcoin as market conditions allow. The recent acquisition of 5,000 Bitcoins, finalized in March 2025, is expected to further enhance its digital asset portfolio. The total consideration for this acquisition was approximately $158.08 million, with shares issued to facilitate the purchase. This move underscores the company's commitment to leveraging Bitcoin as a potential hedge against inflation and a means of capital appreciation.
Looking ahead, Next Technology remains optimistic about its growth prospects, particularly in the digital asset space. The company plans to monitor market conditions closely to inform its Bitcoin acquisition strategy and is focused on enhancing its software development services. The management's outlook suggests a commitment to navigating the evolving landscape of digital assets while maintaining operational efficiency in its software development business.
About Next Technology Holding Inc.
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