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A China-based company has started negotiations to purchase Bitcoin worth 800 million dollars, equivalent to approximately 180 times its market value, and popular meme coins.
As companies’ Bitcoin investments continue to increase day by day in the cryptocurrency markets, some initiatives are still surprising investors. The textile and logistics firm Addentax Group operating in China announced in a striking statement that it is in talks to purchase assets such as the popular meme coin Official Trump (TRUMP) along with approximately 8,000 Bitcoins. The company stated that the total investment amount is approximately 800 million dollars.
Hong Zhida, the company’s CEO, stated that they see this investment initiative as part of their long-term blockchain strategy. According to Zhida, this move into digital assets will both diversify the company’s assets and establish strong ties with influential investors in the crypto world. The CEO believes that reliable digital assets such as Bitcoin will provide a solid and liquid foundation for the company’s portfolio in the long run.
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The fact that Addentax’s current market value is only 4.4 million dollars and that it plans to use company shares for the acquisition has raised questions in the minds of investors. Following the announcement, the company’s shares traded on the Nasdaq OTC market fell by 7% to 72 cents.
Company officials emphasized in their statement that negotiations are ongoing but that there is no finalized agreement yet.
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