Addentax Group Corp, a Chinese textile and apparel company, announced plans to acquire up to 8,000 bitcoins and other digital assets, including the memecoin TRUMP, by issuing shares of common stock.
Addentax Group to Bring Crypto Influencers on As Shareholders
Chinese textile and apparel company Addentax Group Corp. announced on May 15 that it has held discussions with influential holders of bitcoin ( BTC) and other cryptocurrencies to buy up to 8,000 bitcoins. The company said it plans to fund the acquisition of these coins, as well as other digital assets including the memecoin TRUMP, by issuing shares of common stock.
However, according to a company statement announcing the plans, Addentax Group Corp. chose to enter into discussions with the unnamed entities because their collective holdings indicate a “profound understanding and networks in the crypto world.” Besides making crypto a key long-term investment asset, the company hopes bringing influential crypto holders on as shareholders will allow it to build up its networks.
With the bitcoin pivot, Addentax Group Corp. joins a growing list of publicly listed companies that are adding bitcoin and other cryptocurrencies to their respective treasuries. The strategy, popularized by Michael Saylor’s Strategy, is increasingly seen as a practical way of dealing with inflation and currency depreciation.
Reflecting on his company’s desire to join the likes of Strategy, Metaplanet and other listed companies that have benefited from investing in crypto, Addentax Group CEO Hong Zhida said:
This initiative supports the Company’s broader blockchain strategy by facilitating potential acquisitions of digital assets such as Bitcoin and introducing strategic investors with experience in the crypto ecosystem. We believe that certain established digital assets may serve as a stable component of the Company’s long-term holdings, given their liquidity and increasing institutional interest over recent years.
Addentax Group Corp.’s potential acquisition of cryptocurrencies and the onboarding of new shareholders with cryptocurrency expertise could significantly enhance its strategic position and financial strength.
This move demonstrates a forward-thinking approach by Addentax Corp.’s management, aligning the company with the evolving digital asset landscape. This strategic positioning will likely attract investors who are looking for companies embracing technological innovation and future growth potential.
Source: Bitcoin
