Speculation or Vision? A Global Recap of Corporate Bitcoin Purchases in May
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Speculation or Vision? A Global Recap of Corporate Bitcoin Purchases in May
Numerous companies worldwide have announced purchases of, or plans to purchase, Bitcoin as a hedge against inflation, to enhance valuations, or to reshape financial strategies.
Navigating Web3 tides with focused insightsAuthor: Oliver, Mars Finance
In May 2025, the narrative of Bitcoin as "digital gold" continues to gain momentum. Companies worldwide have announced purchases or plans to purchase Bitcoin, aiming to hedge against inflation, boost valuations, or reshape financial strategies through this decentralized asset. From a health tech firm in Sweden to a textile giant in China and a fintech enterprise in Indonesia, these new entrants are accessing the Bitcoin market via diverse financing methods, demonstrating the penetration of crypto assets into 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: The Pioneer of Bitcoin Reserves in Swedish Health Tech
Swedish health tech company H100 Group AB announced on May 25 that it will execute a Bitcoin reserve strategy through a $2.2 million funding round, becoming the first publicly listed company in Sweden to openly include Bitcoin on its balance sheet. According to Cointelegraph, the round was led by Blockstream CEO Adam Back, who personally invested approximately $1.4 million, with the remaining $800,000 coming from multiple investment institutions. The funds were injected via zero-interest convertible bonds, intended to purchase about 20.18 BTC, adding to the 4.39 BTC acquired earlier on May 22, bringing total holdings to an expected 24.57 BTC.
H100's financing structure is innovative: the convertible bonds mature on June 15, 2028, and can be converted into company shares at 1.3 Swedish kronor (approximately $0.11) per share. If the stock price rises more than 33% for 60 consecutive days, the company may force conversion. This design reduces financing costs while offering investors opportunities to benefit from corporate growth. H100 stated that Bitcoin represents the value of "individual autonomy," aligning with its mission in health technology. Market response has been strong; since announcing its Bitcoin purchase plan on May 22, the company’s stock price has risen over 40% cumulatively.
Although H100's Bitcoin holdings are small, representing only a minor portion of its balance sheet, Adam Back's involvement adds credibility. As a pioneer in the Bitcoin space, Back has advanced Layer-2 technologies and mining development through Blockstream, and his endorsement could inspire more European firms to follow suit. H100's strategy appears to be a cautious trial rather than a full transformation, reflecting the conservative approach of small and medium-sized enterprises entering the Bitcoin market.
2. DDC Enterprise: A Bold Bet on Bitcoin in Chinese Apparel Logistics
Chinese listed company DDC Enterprise announced on May 16 its plan to purchase 5,000 Bitcoin, worth around $500 million, positioning itself as a leader among Chinese corporate Bitcoin investors. According to Bitcoin Magazine and updates on the X platform, DDC operates in apparel and logistics and intends to raise capital through issuing common stock to establish a strategic Bitcoin reserve. This plan quickly sparked debate, with users on X suggesting DDC might emulate MicroStrategy—using Bitcoin investments to boost its stock price while hedging against global trade uncertainties.
DDC's motivation is closely tied to its industry context. The apparel and logistics sectors face rising supply chain costs and tariff pressures, making Bitcoin’s appeal as an inflation-resistant asset increasingly evident. Additionally, regions such as Hong Kong have gradually opened their regulatory environment toward crypto assets, providing operational flexibility for DDC. Following the announcement, DDC's stock price surged approximately 25% in the short term, indicating initial market approval of its strategy.
However, purchasing 5,000 BTC requires substantial capital, and issuing new shares may dilute shareholder equity. Regulatory uncertainty regarding cryptocurrencies in mainland China remains a challenge, requiring DDC to operate cautiously within compliance frameworks. Nonetheless, its high-profile move could inspire more Asian companies to join the Bitcoin wave, serving as a significant indicator for the Chinese market.
3. Addentax: The Chinese Textile Firm’s 8,000-Bitcoin Plan
Also on May 16, Chinese textile and logistics company Addentax (Nasdaq: ATXG) announced plans to raise funds through new share issuance to purchase up to 8,000 Bitcoin and other cryptocurrencies, totaling approximately $800 million. According to Cointelegraph and information from the X platform, Addentax's decision marks an attempt to shift from traditional manufacturing into the crypto asset domain, aiming to enhance valuation and market visibility through Bitcoin investments.
Addentax's strategy is more aggressive than DDC’s. If successful, the 8,000 BTC acquisition would make it one of the largest Bitcoin holders among Chinese enterprises. However, the plan has drawn controversy. Users on X questioned whether Addentax has sufficient cash flow to support such a large-scale investment, expressing concerns that it might use high leverage to amplify risks. With low profit margins and vulnerability to global trade wars, the textile industry may see Bitcoin as a potential breakthrough from business bottlenecks.
Addentax’s purchase plan faces dual challenges of market volatility and regulation. China's cryptocurrency policies could limit its operational flexibility, while share dilution from new issuances poses another risk. Nevertheless, its bold initiative reflects the ambition of Chinese companies amid the global Bitcoin surge and may prompt more traditional industries to follow.
4. DigiAsia: Profit Reinvestment Model in Indonesian Fintech
Indonesian fintech company DigiAsia (Nasdaq: FAAS) announced on May 20 its intention to raise $100 million to buy Bitcoin and pledged to reinvest up to 50% of future net profits into continuous Bitcoin accumulation. Updates from the X platform indicate this plan drove DigiAsia's stock price up nearly 90% in the short term, reflecting strong market enthusiasm for its aggressive strategy.
DigiAsia's approach is distinctive. Unlike direct fundraising for Bitcoin purchases, it links Bitcoin investment directly to profitability, signaling confidence in long-term holding. The company stated that Bitcoin helps hedge against depreciation of the Indonesian rupiah and attracts global investor attention. As Southeast Asia’s largest economy, Indonesia is experiencing rapid growth in cryptocurrency adoption, and DigiAsia’s move could encourage similar actions by local firms.
However, DigiAsia’s model of borrowing and staking Bitcoin to generate returns may increase financial risk. Sharp Bitcoin price fluctuations could trigger liquidity crises, and Indonesia's relatively conservative crypto regulations require higher compliance costs. Despite these risks, its profit-reinvestment model offers a new blueprint for cash-rich enterprises and could serve as a template for emerging market companies.
5. Basel: Singapore Medical Group’s $1 Billion Bitcoin Acquisition
Singapore-based orthopedic healthcare group Basel announced on May 23 that it reached an agreement with the "Bitcoin Holders Alliance" to issue additional common stock to acquire 10,000 Bitcoin, valued at approximately $1 billion. According to @chairbtc, Basel’s strategy closely mirrors that of MicroStrategy—using investor capital to buy Bitcoin and relying on price appreciation to deliver shareholder returns.
Basel’s entry adds a new case study for Bitcoin adoption in the healthcare sector. As a high-tech firm focused on orthopedics, Basel faces intense R&D costs and market competition, making Bitcoin investment a potential tool for diversifying risk and enhancing returns. X users dubbed it the "Asian version of MicroStrategy," believing it could attract global capital through Bitcoin to overcome industry growth constraints.
The 10,000 BTC plan places significant demands on Basel’s financial structure. Share dilution from new issuances and Bitcoin’s high volatility could impact balance sheet stability. Given Singapore’s strict crypto regulations, Basel must ensure full compliance. Still, its bold move highlights the ambitions of Asian firms in the Bitcoin boom and could trigger ripple effects across the healthcare industry.
Drivers Behind the Surge
The Bitcoin investment surge in May 2025 is driven by multiple factors, reflecting complex dynamics across global businesses and markets:
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Macroeconomic Uncertainty: Global inflation, geopolitical tensions, and uncertain tariff policies have prompted companies to seek inflation-resistant assets. Bitcoin’s fixed supply cap of 21 million coins and decentralized nature make it an ideal hedge against currency devaluation. For example, DigiAsia explicitly cited Bitcoin’s ability to counteract rupiah depreciation.
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The MicroStrategy Benchmark Effect: MicroStrategy achieved a 220% stock surge by holding over 250,000 Bitcoin, setting a precedent for other firms. Basel and DDC’s stock issuance strategies clearly draw inspiration from this model, attempting to replicate its success.
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Improved Regulatory Environment: With the Trump administration returning to power in the U.S., expectations for crypto-friendly policies have strengthened, including proposals to establish a national Bitcoin reserve. In Asia, clearer regulatory frameworks in places like Hong Kong and Singapore provide compliant pathways for corporate participation.
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Market Sentiment and Speculation: The sharp stock rallies of H100 and DigiAsia show strong market appetite for “Bitcoin概念股” (Bitcoin-linked stocks). Companies are leveraging high-profile Bitcoin purchase announcements to attract retail capital, rapidly inflating valuations in the short term.
Jim Chanos’ Perspective: A Barometer of Speculation and Arbitrage
A different perspective on this surge comes from Wall Street’s renowned bearish investor Jim Chanos. According to CNBC, Chanos is simultaneously betting on Bitcoin while shorting MicroStrategy, attempting to capture market irrationality through arbitrage. He likens the trade to “buying Bitcoin at $1 and selling MicroStrategy stock at $2.50,” arguing that retail frenzy has inflated MicroStrategy’s stock price far beyond the actual value of its Bitcoin holdings.
Chanos’ logic is straightforward and incisive: MicroStrategy’s 220% stock surge over the past year vastly outpaces Bitcoin’s 70% gain during the same period, indicating a valuation bubble. He further argues that some companies mimicking MicroStrategy use grandiose Bitcoin investment announcements to attract retail investors and promote the idea of “premium valuations”—a model he calls “absurd” and unsustainable. Chanos’ trade is not just a challenge to MicroStrategy’s valuation but also an insight into the broader speculative ecosystem of the crypto market. He believes this strategy serves both as an arbitrage barometer and a gauge of retail speculation sentiment.
Chanos’ viewpoint reveals the dual nature of the Bitcoin surge. On one hand, corporate Bitcoin purchases reflect recognition of Bitcoin’s long-term value, especially amid Trump’s pro-crypto policies and tariff-driven inflation expectations. On the other hand, market exuberance may mask weak fundamentals, with some firms using Bitcoin investments as short-term hype tools rather than rational decisions. Chanos’ short position warns investors to beware of valuation traps in “Bitcoin概念股,” particularly when market corrections occur—companies overly reliant on retail enthusiasm may face collapse.
Conclusion: At the Crossroads of Digital Gold
The Bitcoin investment surge in May 2025 represents a collective experiment by global enterprises. From H100’s cautious steps to Addentax’s all-in gamble and Chanos’ Wall Street maneuvering, these narratives weave a complex picture of the digital asset era. Companies seek breakthroughs through Bitcoin, investors navigate between frenzy and reason, and markets search for direction amid volatility. This is not merely a capital bet on "digital gold," but also an exploration of the future financial system. At this crossroads, every decision may reshape industry landscapes—or become a footnote in a speculative bubble.
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