Author: Oliver, Mars Finance

In May 2025, the narrative of Bitcoin as "digital gold" continued to heat up, with multiple companies worldwide announcing purchases or plans to buy Bitcoin, attempting to hedge against inflation, enhance valuations, or reshape financial strategies through this decentralized asset. From health tech companies in Sweden to textile giants in China and fintech firms in Indonesia, these new players entered the Bitcoin market with diverse financing methods, showcasing the penetration of crypto assets in traditional industries.

Corporate Bitcoin Investment Overview

The following table summarizes the Bitcoin investment plans of five newly added companies in May 2025:

1. H100 Group AB: Pioneer of Bitcoin Reserves in Swedish Health Tech

Swedish health tech company H100 Group AB announced on May 25 that it would execute a Bitcoin reserve strategy through a $2.2 million financing round, becoming the first publicly listed company in Sweden to include Bitcoin on its balance sheet. According to Cointelegraph, this financing was led by Blockstream CEO Adam Back, who personally invested about $1.4 million, with the remaining $800,000 coming from several investment institutions. The funds were injected in the form of zero-interest convertible bonds, with plans to purchase approximately 20.18 Bitcoins, in addition to the 4.39 Bitcoins purchased earlier on May 22, bringing the total expected holdings to 24.57 BTC.

H100's financing structure is quite innovative: the convertible bonds will mature on June 15, 2028, and can be converted into company shares at a rate of 1.3 Swedish kronor (about $0.11) per share during the period. If the stock price rises more than 33% for 60 consecutive days, the company can force conversion. This design reduces financing costs while providing investors with the opportunity to share in the company's growth. H100 stated that Bitcoin represents the value of "individual autonomy," aligning with its health tech mission. The market reacted enthusiastically, with the company's stock price rising over 40% since the announcement of the purchase plan on May 22.

Although H100's Bitcoin holdings are relatively small, accounting for only a small portion of its balance sheet, Adam Back's involvement adds credibility. As a pioneer in the Bitcoin space, Back has promoted Layer-2 technology and mining development through Blockstream, and his endorsement may encourage more European companies to follow suit. H100's strategy appears to be a cautious trial rather than a full transformation, reflecting a conservative attitude among small and medium-sized enterprises entering the Bitcoin market.

2. DDC Enterprise: A Bitcoin Gamble in Chinese Apparel Logistics

Chinese listed company DDC Enterprise announced on May 16 its plan to purchase 5,000 Bitcoins, valued at approximately $500 million, becoming a leader in Bitcoin investment among Chinese companies. According to Bitcoin Magazine and updates on platform X, DDC is engaged in apparel and logistics business and aims to establish a strategic Bitcoin reserve by raising funds through a public stock offering. This plan quickly sparked discussions, with users on platform X suggesting that DDC might emulate MicroStrategy by boosting its stock price through Bitcoin investments while hedging against global trade uncertainties.

DDC's motivation is closely related to its industry background. The apparel and logistics sectors face rising supply chain costs and tariff pressures, making Bitcoin increasingly attractive as an anti-inflation asset. Additionally, the gradually opening regulatory environment for crypto assets in regions like Hong Kong provides operational space for DDC. After announcing its purchase plan, DDC's stock price surged about 25% in the short term, indicating initial market recognition of its strategy.

However, purchasing 5,000 Bitcoins requires substantial capital, and issuing new shares may dilute shareholder equity. The regulatory uncertainty surrounding cryptocurrencies in mainland China means DDC must operate cautiously within a compliance framework. Nevertheless, its high-profile layout may inspire more Asian companies to join the Bitcoin craze, becoming an important barometer for the Chinese market.

3. Addentax: A Plan for 8,000 Bitcoins from a Chinese Textile Company

On the same day, May 16, Chinese textile and logistics company Addentax (NASDAQ: ATXG) announced plans to raise funds through a new stock issuance to purchase up to 8,000 Bitcoins and other cryptocurrencies, totaling approximately $800 million. According to Cointelegraph and updates on platform X, Addentax's decision marks its attempt to transition from traditional manufacturing to the crypto asset space, aiming to enhance its valuation and market attention through Bitcoin investment.

Addentax's strategy is more aggressive than DDC's; if successful, the plan for 8,000 Bitcoins would make it one of the companies with the largest Bitcoin holdings among Chinese enterprises. However, this plan has sparked controversy. Users on platform X questioned whether Addentax's cash flow could support such a large-scale investment, fearing it might amplify risks through high-leverage operations. The textile industry has low profit margins and is significantly affected by global trade wars, making Bitcoin a potential breakthrough to escape business bottlenecks.

Addentax's purchase plan must face both market volatility and regulatory scrutiny. China's regulatory policies on cryptocurrencies may limit its operational flexibility, while issuing new shares could lead to equity dilution. Nevertheless, its bold layout demonstrates the ambition of Chinese companies in the global Bitcoin craze and may trigger imitation from more traditional industries.

4. DigiAsia: A Profit Reinvestment Model in Indonesian Fintech

Indonesian fintech company DigiAsia (NASDAQ: FAAS) announced on May 20 its plan to raise $100 million to purchase Bitcoin and committed to reinvesting up to 50% of future net profits for continued accumulation. According to updates on platform X, this plan propelled DigiAsia's stock price to soar nearly 90% in the short term, reflecting market enthusiasm for its aggressive strategy.

DigiAsia's strategy is unique. Rather than directly financing Bitcoin purchases, it links Bitcoin investment to profitability, demonstrating confidence in long-term holdings. The company stated that Bitcoin can hedge against the depreciation risk of the Indonesian rupiah and attract global investor attention. As the largest economy in Southeast Asia, Indonesia has seen rapid growth in cryptocurrency adoption, and DigiAsia's move may encourage more local companies to follow suit.

However, DigiAsia's model of generating income through borrowing and staking Bitcoin may amplify financial risks. The extreme volatility of Bitcoin prices could lead to liquidity crises, and Indonesia's conservative regulatory stance on cryptocurrencies may require more compliance costs. Nevertheless, its profit reinvestment model offers a new perspective for cash-rich companies and may become a template for emerging market enterprises.

5. Basel: A $1 Billion Bitcoin Acquisition by a Singapore Medical Group

Singapore orthopedic medical group Basel announced on May 23 that it had reached an agreement with the "Bitcoin Holders Alliance" to purchase 10,000 Bitcoins, valued at approximately $1 billion, through a public stock offering. According to @chairbtc, Basel's strategy is highly similar to MicroStrategy's, utilizing investor funds to buy Bitcoin and relying on price appreciation to return value to shareholders.

Basel's entry adds a new case for the adoption of Bitcoin in the medical industry. As a high-tech company focused on orthopedic medicine, Basel faces high R&D costs and market competition pressures, and Bitcoin investment may be seen as a means to diversify risk and enhance returns. Users on platform X referred to it as "the Asian version of MicroStrategy," believing it could attract global capital through Bitcoin to compensate for industry growth bottlenecks.

The plan to acquire 10,000 Bitcoins places high demands on Basel's financial structure. Issuing new shares may lead to equity dilution, and Bitcoin's high volatility could impact balance sheet stability. Singapore has strict regulations on cryptocurrencies, and Basel must ensure compliance. Nevertheless, its bold layout demonstrates the ambition of Asian companies in the Bitcoin craze and may trigger a ripple effect in the medical industry.

Driving Factors of the Craze

The Bitcoin investment frenzy in May 2025 is driven by multiple factors, reflecting the complex dynamics of global enterprises and markets:

1. Macroeconomic Uncertainty: Global inflation, geopolitical tensions, and tariff policy uncertainties prompt companies to seek anti-inflation assets. Bitcoin's fixed supply of 21 million and decentralized nature make it an ideal choice for hedging against currency depreciation. For example, DigiAsia explicitly mentioned that Bitcoin can resist the depreciation risk of the Indonesian rupiah.
2. Benchmark Effect of MicroStrategy: MicroStrategy's stock price surged 220% by holding over 250,000 Bitcoins, providing a template for other companies. Basel and DDC's strategies of issuing new shares to purchase Bitcoin are clearly inspired by this success path.
3. Improved Regulatory Environment: Following the Trump administration's rise to power, expectations for crypto-friendly policies have increased, such as proposals to establish a national Bitcoin reserve. Regulatory frameworks in Asian regions like Hong Kong and Singapore are becoming clearer, providing a compliance foundation for enterprises.
4. Market Sentiment and Speculation: The explosive rise in H100 and DigiAsia's stock prices shows that the market is enthusiastic about "Bitcoin concept stocks." Companies attract retail funds by publicly announcing purchase plans, driving valuations to rise rapidly in the short term.

Jim Chanos's Perspective: A Barometer of Speculation and Arbitrage

The views of Wall Street's renowned short-seller Jim Chanos provide another perspective on this craze. According to CNBC, Chanos is simultaneously betting on Bitcoin while shorting MicroStrategy, attempting to capture market irrationality through arbitrage. He likens this trade to "buying Bitcoin for $1 and selling MicroStrategy stock for $2.5," believing that MicroStrategy's stock price has been driven up by retail enthusiasm, with its valuation far exceeding the actual value of its Bitcoin holdings.

Chanos's logic is straightforward and incisive: MicroStrategy's stock price has soared 220% over the past year, far exceeding Bitcoin's 70% increase during the same period, indicating a valuation bubble. He further points out that some companies emulating MicroStrategy attract retail funds by publicly announcing Bitcoin investments, promoting the idea of "premium valuations," which he describes as "absurd" and unsustainable. Chanos's trading strategy is not only a challenge to MicroStrategy's valuation but also an insight into the speculative ecology of the entire crypto market. He believes this strategy serves as both a barometer of arbitrage and an indicator of retail speculative sentiment.

Chanos's perspective reveals the dual nature of the Bitcoin craze. On one hand, corporate purchases reflect recognition of Bitcoin's long-term value, especially against the backdrop of Trump’s crypto-friendly policies and tariff expectations driving inflation. On the other hand, the market's enthusiasm may obscure fundamental weaknesses, with some companies using Bitcoin investments as short-term speculative tools rather than based on rational decision-making. Chanos's short-selling strategy serves as a reminder for investors to be wary of the valuation traps of "Bitcoin concept stocks," especially during market corrections, as companies overly reliant on retail enthusiasm may face collapse risks.

Conclusion: The Crossroads of Digital Gold

The Bitcoin investment frenzy in May 2025 represents a collective experiment by global enterprises. From H100's cautious trial to Addentax's gamble, and Chanos's Wall Street game, these stories weave a complex tapestry of the digital asset era. Companies seek breakthroughs through Bitcoin, investors search for balance between enthusiasm and rationality, and the market seeks direction amid volatility. This is not only a bet on "digital gold" by capital but also an exploration of the future financial system. At this crossroads, every decision may reshape the industry landscape or become a footnote to speculative bubbles.

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