Original Title: With Funds Pouring In, A Comprehensive Review of Global Bitcoin Purchases by Enterprises in May
In May 2025, the narrative of Bitcoin as "digital gold" continues to heat up, as multiple companies around the world announce purchases or plans to purchase 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 are entering the Bitcoin market with diverse financing methods, showcasing the penetration of crypto assets into traditional industries.
Overview of Corporate Bitcoin Investment
The table below summarizes the Bitcoin investment plans of five newly added companies in May 2025:
1. H100 Group AB: Pioneer of Bitcoin Reserves in Swedish Health Technology
Swedish health tech company H100 Group AB announced on May 25 that it has executed its Bitcoin reserve strategy through a $2.2 million funding round, becoming the first publicly traded company in Sweden to publicly include Bitcoin on its balance sheet. According to Cointelegraph, the funding round was led by Blockstream CEO Adam Back, who personally contributed about $1.4 million, with the remaining $800,000 coming from various investment institutions. The funds are injected in the form of convertible bonds with a 0% interest rate, and it is planned to buy about 20.18 BTC, plus the previous purchase of 4.39 BTC on May 22, the total position is expected to reach 24.57 BTC.
The H100's financing structure is innovative: the convertible bonds will mature on June 15, 2028, during which they can be converted into shares of the company at SEK 1.3 per share (about $0.11), and the company can be forced to convert shares if the share price rises by more than 33% for 60 consecutive days. This design reduces the cost of financing while providing investors with the opportunity to share in the company's growth. H100 said that Bitcoin represents the value of "individual autonomy", which is in line with its healthtech mission. The market response has been overwhelming, with the company's stock price rising more than 40% since the announcement of the purchase plan on May 22.
Although the Bitcoin holdings of H100 are relatively small, accounting for only a small portion of its balance sheet, Adam Back's involvement adds credibility to it. As a pioneer in the Bitcoin space, Back promotes Layer-2 technology and mining development through Blockstream, and his endorsement may encourage more European companies to follow suit. H100's strategy resembles a cautious trial rather than a full-scale transformation, reflecting the conservative attitude of small and medium-sized enterprises entering the Bitcoin market.
2. DDC Enterprise: The Bitcoin Gamble in China's Apparel Logistics
DDC Enterprise, a publicly traded Chinese company, announced on May 16 that it plans to buy 5,000 bitcoins, worth about $500 million, making it the frontrunner in Chinese corporate Bitcoin investment. According to Bitcoin Magazine and X Platform Dynamics, DDC is in the apparel and logistics business, raising funds through the issuance of additional common shares, with the aim of building a strategic bitcoin reserve. The plan quickly sparked buzz, with X platform users pointing out that DDC could follow MicroStrategy's lead and use Bitcoin investments to drive up the stock price while hedging against global trade uncertainty.
The motivation of DDC is closely related to its industry background. The clothing and logistics industries are facing rising supply chain costs and tariff pressures, and the attractiveness of Bitcoin as an anti-inflation asset is becoming increasingly prominent. In addition, the gradually open regulatory environment for crypto assets in regions such as Hong Kong provides operational space for DDC. After announcing its coin purchase plan, DDC's stock price rose by about 25% in the short term, demonstrating the market's initial recognition of its strategy.
However, purchasing 5,000 bitcoins requires a huge amount of capital, and issuing additional shares may dilute shareholder equity. There is still uncertainty regarding cryptocurrency regulation in mainland China, and DDC needs to operate cautiously within the compliance framework. Nevertheless, its high-profile layout could inspire more Asian companies to join the bitcoin craze, becoming an important barometer for the Chinese market.
3. Addentax: China's textile companies' plan for 8000 bitcoins
On May 16, Chinese textile and logistics company Addentax (NASDAQ: ATXG) announced plans to raise funds through the issuance of new shares, intending to purchase up to 8,000 Bitcoin and other cryptocurrencies, with a total value of approximately $800 million. According to Cointelegraph and platform X, Addentax's decision marks its attempt to transition from traditional manufacturing to the field of crypto assets, aiming to enhance its valuation and market attention through Bitcoin investment.
Addentax's strategy is more aggressive than DDC's, and if successful, the 8,000 BTC plan would make it one of the largest bitcoin holdings among Chinese companies. However, this plan has sparked controversy. Users of Platform X questioned whether Addentax's cash flow would be able to support such a large-scale investment, fearing that it could amplify the risk through highly leveraged operations. The textile industry has low profit margins and is more affected by the global trade war, and Bitcoin may be seen as a breakthrough out of business bottlenecks.
Addentax's coin purchase plan must face the dual challenges of market volatility and regulation. China's regulatory policies on cryptocurrencies may limit its operational flexibility, while the issuance of additional shares could lead to equity dilution. Nevertheless, its bold strategy demonstrates the ambition of Chinese companies in the global Bitcoin frenzy, which may inspire more traditional industries to follow suit.
4. DigiAsia: The Profit Reinvestment Model of Indonesia's Financial Technology
Indonesian fintech company DigiAsia (NASDAQ: FAAS) announced on May 20 that it plans to raise $100 million to purchase Bitcoin and has committed to using up to 50% of its net profits in the future for continuous accumulation. According to news from platform X, this plan drove DigiAsia's stock price to soar nearly 90% in the short term, demonstrating the market's enthusiasm for its aggressive strategy.
DigiAsia's strategy is distinctive. Compared to direct financing to purchase coins, 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 investors' attention. As the largest economy in Southeast Asia, Indonesia's cryptocurrency adoption rate is rapidly increasing, and DigiAsia's initiatives may encourage more local businesses to follow suit.
However, DigiAsia's model of generating profits through lending and staking Bitcoin may amplify financial risks. The extreme volatility of Bitcoin prices could lead to liquidity crises, and Indonesia's regulatory stance on cryptocurrencies remains relatively conservative, requiring more compliance costs. Nevertheless, its profit reinvestment model offers new ideas for cash-rich companies and could become a template for emerging market enterprises.
5. Basel: Singapore Medical Group's $1 billion Bitcoin acquisition
The Singapore Orthopedic Medical Group Basel announced on May 23 that it has reached an agreement with the "Bitcoin Holders Alliance" to purchase 10,000 Bitcoins, worth approximately $1 billion, through a rights issue of common stock. According to @chairbtc, Basel's strategy is highly similar to that of MicroStrategy, leveraging investor funds to buy Bitcoin and relying on price appreciation to return profits to shareholders.
Basel's entry adds a new case for the adoption of Bitcoin in the healthcare industry. As a high-tech company focused on orthopedic medical care, Basel faces high R&D costs and market competition pressures, and Bitcoin investment may be seen as a way to diversify risks and enhance returns. Users on platform X refer to it as the "Asian version of MicroStrategy," believing it could attract global capital through Bitcoin to overcome industry growth bottlenecks.
The plan for 10,000 bitcoins places high demands on Basel's financial structure. Issuing additional shares may lead to equity dilution, and the high volatility of bitcoin may impact balance sheet stability. Singapore has strict regulations on cryptocurrencies, and Basel needs to ensure compliance. Nevertheless, its bold layout demonstrates the ambition of Asian companies in the bitcoin craze, which could trigger a ripple effect in the healthcare industry.
Driving Factors of the Hype
The Bitcoin investment frenzy in May 2025 is driven by multiple factors, reflecting the complex dynamics of global enterprises and markets:
Macroeconomic uncertainty: Global inflation, geopolitical issues, and tariff policy uncertainties are prompting businesses to seek inflation-hedging assets. The fixed supply of 21 million bitcoins and its decentralized nature make it an ideal choice for hedging against currency devaluation. For example, DigiAsia explicitly mentions that Bitcoin can withstand the risk of the Indonesian rupiah devaluation.
The Benchmark Effect of MicroStrategy: MicroStrategy achieved a 220% surge in its stock price by holding over 250,000 bitcoins, providing a template for other companies. The coin acquisition strategies of Basel and DDC are clearly inspired by this, attempting to replicate this successful path.
Improvement of the regulatory environment: After the Trump administration took office in the United States, expectations for crypto-friendly policies increased, such as the proposal to establish a national Bitcoin reserve. The regulatory frameworks in Asian regions like Hong Kong and Singapore are becoming increasingly clear, providing a compliance foundation for businesses.
Market Sentiment and Speculation: The surge in the stock prices of H100 and DigiAsia shows that the market is full of enthusiasm for "Bitcoin concept stocks." Companies attract retail investment by making high-profile announcements of their coin purchase plans, driving valuations to rise rapidly in the short term.
Jim Chanos's perspective: A barometer of speculation and arbitrage
The views of Jim Chanos, a well-known Wall Street bear, provide another perspective on this craze. According to CNBC, Chanos is betting on both Bitcoin and shorting MicroStrategy, trying to capture market irrationality through arbitrage. He likened the trade to "buying Bitcoin for $1 and selling MicroStrategy stock for $2.5", arguing that MicroStrategy's share price was driven up by retail frenzy and valuations far exceeded the actual value of his Bitcoin holdings.
Chanos' logic is straightforward and sharp: MicroStrategy's stock price has soared 220% over the past year, far outpacing Bitcoin's 70% gain over the same period, indicating a valuation bubble. He further noted that some companies that have emulated MicroStrategy have promoted the idea of "premium valuations" by making high-profile announcements about Bitcoin investments to attract retail funds, a model that is "absurd" and unsustainable. Chanos' deal is not only a response to MicroStrategy's valuation challenges, but also an insight into the speculative ecology of the entire crypto market. In his opinion, this strategy is not only a barometer of arbitrage, but also an indicator of retail speculative sentiment.
Chanos' argument reveals the two-sided nature of the Bitcoin craze. On the one hand, corporate purchases reflect a recognition of Bitcoin's long-term value, especially against the backdrop of Trump's crypto-friendly policies and tariff expectations driving up inflation. On the other hand, the frenzy of market sentiment may mask the weakness of fundamentals, and some companies are using Bitcoin investments as a tool for short-term speculation rather than rational decision-making. Chanos' short-selling strategy reminds investors to be wary of the valuation traps of "Bitcoin concept stocks", especially during market corrections, when companies that rely too much on retail enthusiasm may face the risk of collapse.
Conclusion: The Crossroads of Digital Gold
The Bitcoin investment boom of May 2025 is a collective experiment for businesses around the world. From the cautious test of the H100 to Addentax's gamble to Chanos' Wall Street gamble, these stories weave together a complex picture of the digital asset era. Businesses are looking for breakthroughs through Bitcoin, investors are looking for a balance between fanaticism and rationality, and markets are looking for direction in the midst of volatility. This is not only a bet of capital on "digital gold", but also an exploration of the future financial system. At this crossroads, every choice could reshape the industry landscape and become a footnote to a speculative bubble.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
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· 05-26 08:08
Isn't it said that buying Bitcoin is illegal in China? You should check these companies.
May Company Bitcoin Purchase Trend Chart: Which Companies Are Buying?
Author: Oliver, Mars Finance
Original Title: With Funds Pouring In, A Comprehensive Review of Global Bitcoin Purchases by Enterprises in May
In May 2025, the narrative of Bitcoin as "digital gold" continues to heat up, as multiple companies around the world announce purchases or plans to purchase 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 are entering the Bitcoin market with diverse financing methods, showcasing the penetration of crypto assets into traditional industries.
Overview of Corporate Bitcoin Investment
The table below summarizes the Bitcoin investment plans of five newly added companies in May 2025:
1. H100 Group AB: Pioneer of Bitcoin Reserves in Swedish Health Technology
Swedish health tech company H100 Group AB announced on May 25 that it has executed its Bitcoin reserve strategy through a $2.2 million funding round, becoming the first publicly traded company in Sweden to publicly include Bitcoin on its balance sheet. According to Cointelegraph, the funding round was led by Blockstream CEO Adam Back, who personally contributed about $1.4 million, with the remaining $800,000 coming from various investment institutions. The funds are injected in the form of convertible bonds with a 0% interest rate, and it is planned to buy about 20.18 BTC, plus the previous purchase of 4.39 BTC on May 22, the total position is expected to reach 24.57 BTC.
The H100's financing structure is innovative: the convertible bonds will mature on June 15, 2028, during which they can be converted into shares of the company at SEK 1.3 per share (about $0.11), and the company can be forced to convert shares if the share price rises by more than 33% for 60 consecutive days. This design reduces the cost of financing while providing investors with the opportunity to share in the company's growth. H100 said that Bitcoin represents the value of "individual autonomy", which is in line with its healthtech mission. The market response has been overwhelming, with the company's stock price rising more than 40% since the announcement of the purchase plan on May 22.
Although the Bitcoin holdings of H100 are relatively small, accounting for only a small portion of its balance sheet, Adam Back's involvement adds credibility to it. As a pioneer in the Bitcoin space, Back promotes Layer-2 technology and mining development through Blockstream, and his endorsement may encourage more European companies to follow suit. H100's strategy resembles a cautious trial rather than a full-scale transformation, reflecting the conservative attitude of small and medium-sized enterprises entering the Bitcoin market.
2. DDC Enterprise: The Bitcoin Gamble in China's Apparel Logistics
DDC Enterprise, a publicly traded Chinese company, announced on May 16 that it plans to buy 5,000 bitcoins, worth about $500 million, making it the frontrunner in Chinese corporate Bitcoin investment. According to Bitcoin Magazine and X Platform Dynamics, DDC is in the apparel and logistics business, raising funds through the issuance of additional common shares, with the aim of building a strategic bitcoin reserve. The plan quickly sparked buzz, with X platform users pointing out that DDC could follow MicroStrategy's lead and use Bitcoin investments to drive up the stock price while hedging against global trade uncertainty.
The motivation of DDC is closely related to its industry background. The clothing and logistics industries are facing rising supply chain costs and tariff pressures, and the attractiveness of Bitcoin as an anti-inflation asset is becoming increasingly prominent. In addition, the gradually open regulatory environment for crypto assets in regions such as Hong Kong provides operational space for DDC. After announcing its coin purchase plan, DDC's stock price rose by about 25% in the short term, demonstrating the market's initial recognition of its strategy.
However, purchasing 5,000 bitcoins requires a huge amount of capital, and issuing additional shares may dilute shareholder equity. There is still uncertainty regarding cryptocurrency regulation in mainland China, and DDC needs to operate cautiously within the compliance framework. Nevertheless, its high-profile layout could inspire more Asian companies to join the bitcoin craze, becoming an important barometer for the Chinese market.
3. Addentax: China's textile companies' plan for 8000 bitcoins
On May 16, Chinese textile and logistics company Addentax (NASDAQ: ATXG) announced plans to raise funds through the issuance of new shares, intending to purchase up to 8,000 Bitcoin and other cryptocurrencies, with a total value of approximately $800 million. According to Cointelegraph and platform X, Addentax's decision marks its attempt to transition from traditional manufacturing to the field of crypto assets, aiming to enhance its valuation and market attention through Bitcoin investment.
Addentax's strategy is more aggressive than DDC's, and if successful, the 8,000 BTC plan would make it one of the largest bitcoin holdings among Chinese companies. However, this plan has sparked controversy. Users of Platform X questioned whether Addentax's cash flow would be able to support such a large-scale investment, fearing that it could amplify the risk through highly leveraged operations. The textile industry has low profit margins and is more affected by the global trade war, and Bitcoin may be seen as a breakthrough out of business bottlenecks.
Addentax's coin purchase plan must face the dual challenges of market volatility and regulation. China's regulatory policies on cryptocurrencies may limit its operational flexibility, while the issuance of additional shares could lead to equity dilution. Nevertheless, its bold strategy demonstrates the ambition of Chinese companies in the global Bitcoin frenzy, which may inspire more traditional industries to follow suit.
4. DigiAsia: The Profit Reinvestment Model of Indonesia's Financial Technology
Indonesian fintech company DigiAsia (NASDAQ: FAAS) announced on May 20 that it plans to raise $100 million to purchase Bitcoin and has committed to using up to 50% of its net profits in the future for continuous accumulation. According to news from platform X, this plan drove DigiAsia's stock price to soar nearly 90% in the short term, demonstrating the market's enthusiasm for its aggressive strategy.
DigiAsia's strategy is distinctive. Compared to direct financing to purchase coins, 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 investors' attention. As the largest economy in Southeast Asia, Indonesia's cryptocurrency adoption rate is rapidly increasing, and DigiAsia's initiatives may encourage more local businesses to follow suit.
However, DigiAsia's model of generating profits through lending and staking Bitcoin may amplify financial risks. The extreme volatility of Bitcoin prices could lead to liquidity crises, and Indonesia's regulatory stance on cryptocurrencies remains relatively conservative, requiring more compliance costs. Nevertheless, its profit reinvestment model offers new ideas for cash-rich companies and could become a template for emerging market enterprises.
5. Basel: Singapore Medical Group's $1 billion Bitcoin acquisition
The Singapore Orthopedic Medical Group Basel announced on May 23 that it has reached an agreement with the "Bitcoin Holders Alliance" to purchase 10,000 Bitcoins, worth approximately $1 billion, through a rights issue of common stock. According to @chairbtc, Basel's strategy is highly similar to that of MicroStrategy, leveraging investor funds to buy Bitcoin and relying on price appreciation to return profits to shareholders.
Basel's entry adds a new case for the adoption of Bitcoin in the healthcare industry. As a high-tech company focused on orthopedic medical care, Basel faces high R&D costs and market competition pressures, and Bitcoin investment may be seen as a way to diversify risks and enhance returns. Users on platform X refer to it as the "Asian version of MicroStrategy," believing it could attract global capital through Bitcoin to overcome industry growth bottlenecks.
The plan for 10,000 bitcoins places high demands on Basel's financial structure. Issuing additional shares may lead to equity dilution, and the high volatility of bitcoin may impact balance sheet stability. Singapore has strict regulations on cryptocurrencies, and Basel needs to ensure compliance. Nevertheless, its bold layout demonstrates the ambition of Asian companies in the bitcoin craze, which could trigger a ripple effect in the healthcare industry.
Driving Factors of the Hype
The Bitcoin investment frenzy in May 2025 is driven by multiple factors, reflecting the complex dynamics of global enterprises and markets:
Jim Chanos's perspective: A barometer of speculation and arbitrage
The views of Jim Chanos, a well-known Wall Street bear, provide another perspective on this craze. According to CNBC, Chanos is betting on both Bitcoin and shorting MicroStrategy, trying to capture market irrationality through arbitrage. He likened the trade to "buying Bitcoin for $1 and selling MicroStrategy stock for $2.5", arguing that MicroStrategy's share price was driven up by retail frenzy and valuations far exceeded the actual value of his Bitcoin holdings.
Chanos' logic is straightforward and sharp: MicroStrategy's stock price has soared 220% over the past year, far outpacing Bitcoin's 70% gain over the same period, indicating a valuation bubble. He further noted that some companies that have emulated MicroStrategy have promoted the idea of "premium valuations" by making high-profile announcements about Bitcoin investments to attract retail funds, a model that is "absurd" and unsustainable. Chanos' deal is not only a response to MicroStrategy's valuation challenges, but also an insight into the speculative ecology of the entire crypto market. In his opinion, this strategy is not only a barometer of arbitrage, but also an indicator of retail speculative sentiment.
Chanos' argument reveals the two-sided nature of the Bitcoin craze. On the one hand, corporate purchases reflect a recognition of Bitcoin's long-term value, especially against the backdrop of Trump's crypto-friendly policies and tariff expectations driving up inflation. On the other hand, the frenzy of market sentiment may mask the weakness of fundamentals, and some companies are using Bitcoin investments as a tool for short-term speculation rather than rational decision-making. Chanos' short-selling strategy reminds investors to be wary of the valuation traps of "Bitcoin concept stocks", especially during market corrections, when companies that rely too much on retail enthusiasm may face the risk of collapse.
Conclusion: The Crossroads of Digital Gold
The Bitcoin investment boom of May 2025 is a collective experiment for businesses around the world. From the cautious test of the H100 to Addentax's gamble to Chanos' Wall Street gamble, these stories weave together a complex picture of the digital asset era. Businesses are looking for breakthroughs through Bitcoin, investors are looking for a balance between fanaticism and rationality, and markets are looking for direction in the midst of volatility. This is not only a bet of capital on "digital gold", but also an exploration of the future financial system. At this crossroads, every choice could reshape the industry landscape and become a footnote to a speculative bubble.