The Chinese company announced a plan for 800 million dollars worth of Bitcoin and meme coin.

Chinese company Addentax, operating in the clothing and logistics sectors, announced that it plans to acquire 800 million dollars worth of cryptocurrency.

The company stated that it is still in talks for this acquisition, and that the cryptocurrencies to be acquired will include Bitcoin and Trump’s official meme coin, TRUMP.

The company, which raises questions with a market cap of only $4.4 million, said in a press release, "The people we interviewed separately hold a total of approximately 8,000 BTC and have deep knowledge and extensive connections in the crypto world. We also want to expand our network by incorporating them as shareholders. Addentax Group and the company's management see this initiative as a first step towards a strategy to hold crypto assets for the long term."

The company adds that no definitive agreement has yet been reached, while CEO Hong Zhida stated, "In addition to acquiring digital assets like Bitcoin, we are pursuing a comprehensive blockchain strategy aimed at attracting experienced strategic investors in the crypto ecosystem. Particularly due to their liquidity and the increasing institutional interest in recent years, we believe that some established digital assets could be a stable component of our company's long-term asset portfolio."

On the other hand, another publicly traded Chinese company, DDC, announced today that it will start with 100 BTC and will make an acquisition of 5000 BTC within 36 months.

Published: May 15, 2025 22:46Last Updated: May 15, 2025 22:47