Two Chinese companies, Cango and Next Technology Holding, have entered the ranks of the top 20 Bitcoin holders in 2025. Cango, now holding 7,419 BTC, ranks 16th, while Next Technology Holding, with 5,833 BTC, is in 18th place. Both firms are listed in the U.S. and manage their Bitcoin holdings through offshore entities. Cango transitioned to Bitcoin mining in 2024, securing 50 EH/s from Bitmain. Next Technology, a NASDAQ-listed shell of YueShang Group, operates as a WeChat business SaaS platform with a small team of eight full-time employees.