In May 2025, the narrative of Bitcoin as “digital gold” continues to gain momentum, with multiple companies around the world 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 are entering the Bitcoin market with diverse financing methods, showcasing the penetration of crypto assets in traditional industries.

Overview of Corporate Bitcoin Investments

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

1. H100 Group AB: Sweden’s health technology Bitcoin reserve pioneer

Swedish health technology company H100 Group AB announced on May 25th that it is executing a Bitcoin reserve strategy through a round of financing amounting to 2.2 million USD, making it the first publicly listed company in Sweden to incorporate Bitcoin into its balance sheet. According to Cointelegraph, this financing was led by Blockstream CEO Adam Back, who invested approximately 1.4 million USD of his own, with the remaining 800,000 USD 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, bringing the total holdings to an estimated 24.57 BTC, including the 4.39 Bitcoins purchased earlier on May 22.

The financing structure of H100 is quite innovative: convertible bonds will mature on June 15, 2028, and can be converted into company shares at 1.3 Swedish Krona (approximately $0.11) per share during this period. If the stock price rises more than 33% for 60 consecutive days, the company can force the conversion. This design reduces financing costs while providing investors the opportunity to share in the company’s growth. H100 states that Bitcoin represents the value of ‘individual autonomy,’ which aligns with its health technology mission. Market response has been enthusiastic, with the company’s stock price increasing by over 40% since the announcement of the coin purchase plan on May 22.

Although H100’s Bitcoin holdings are relatively small, accounting for only a minor part 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 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 Chinese Clothing Logistics

Chinese listed company DDC Enterprise announced on May 16 plans to purchase 5,000 Bitcoins, worth approximately $500 million, becoming a leader in Bitcoin investment among Chinese enterprises. According to Bitcoin Magazine and updates on platform X, DDC engages in clothing and logistics businesses and aims to raise funds through the issuance of common stock to establish a strategic Bitcoin reserve. This plan has rapidly sparked discussions, with users on platform X pointing out that DDC may follow in the footsteps of MicroStrategy, using Bitcoin investments to boost its stock price while hedging against global trade uncertainties.

The motivation behind DDC is closely related to its industry background. The clothing and logistics industries are facing rising supply chain costs and tariff pressures, making Bitcoin increasingly attractive as an anti-inflation asset. In addition, the gradually open regulatory environment for crypto assets in regions such as Hong Kong provides operational space for DDC. After announcing the coin purchase plan, DDC’s stock price rose approximately 25% in the short term, indicating the market’s initial recognition of its strategy.

However, purchasing 5,000 Bitcoins requires a substantial amount of capital, and issuing additional shares may dilute shareholder equity. The regulatory environment for cryptocurrencies in mainland China remains uncertain, and DDC must operate cautiously within a compliance framework. Nevertheless, its high-profile strategy may inspire more Asian enterprises to join the Bitcoin craze, becoming an important barometer for the Chinese market.

3. Addentax: The 8,000 Bitcoin Plan of Chinese Textile Enterprises

On May 16, the Chinese textile and logistics companyAddentax (NASDAQ: ATXG)Announced plans to raise funds by issuing new shares, intending to purchase up to 8,000 Bitcoins and other cryptocurrencies, with a total value of approximately $800 million. According to Cointelegraph and X platform, Addentax’s decision marks its attempt to transition from traditional manufacturing to the realm of crypto assets, trying to enhance valuation and market attention through Bitcoin investments.

Addentax’s strategy is more aggressive than DDC’s. If the plan for 8,000 Bitcoins succeeds, it will make it one of the companies with the largest Bitcoin holdings among Chinese enterprises. However, this plan has sparked controversy. Users on platform X question whether Addentax’s cash flow can support such a large investment and are concerned that it may amplify risks through high-leverage operations. The textile industry has a low profit margin and is heavily affected by the global trade war, and Bitcoin may be seen as a breakthrough to overcome business bottlenecks.

Addentax’s coin purchase plan must face the dual challenges of market fluctuations and regulatory scrutiny. China’s regulatory policies on cryptocurrencies may limit its operational flexibility, while issuing additional shares could lead to equity dilution. Nevertheless, its bold layout demonstrates the ambition of Chinese companies in the global Bitcoin craze, which may inspire more traditional industries to follow suit.

4. DigiAsia: The Profit Reinvestment Model of Financial Technology in Indonesia

Indonesian fintech companyDigiAsia (NASDAQ: FAAS)On May 20, it was announced that a plan to raise 100 million dollars for the purchase of Bitcoin would be implemented, with a commitment to use up to 50% of future net profits for continuous accumulation. According to news from platform X, this plan drove DigiAsia’s stock price to surge nearly 90% in the short term, reflecting the market’s enthusiasm for its aggressive strategy.

DigiAsia’s strategy is unique. Unlike direct financing for purchasing coins, it links Bitcoin investment with profitability, demonstrating confidence in long-term holdings. The company states 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 is experiencing rapid growth in cryptocurrency adoption, and DigiAsia’s initiative 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, while Indonesia’s regulation of cryptocurrencies remains relatively conservative, requiring more compliance costs. Nevertheless, its profit reinvestment model provides new ideas for cash-rich companies and may become a template for emerging market enterprises.

5. Basel: The Singapore healthcare 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 the issuance of common stock.@chairbtcIt is revealed that Basel’s strategy is highly similar to MicroStrategy’s, utilizing investor funds to purchase Bitcoin and relying on price growth to return value to shareholders.

The addition of Basel adds a new case for the adoption of Bitcoin in the healthcare industry. As a high-tech company focused on orthopedic medicine, Basel faces high R&D costs and market competition pressure, and investing in Bitcoin may be seen as a means to diversify risk and enhance returns. Users on platform X refer to it as the “Asian version of MicroStrategy,” believing it could attract global capital through Bitcoin, compensating for the industry’s growth bottleneck.

The plan for 10,000 Bitcoins places high demands on Basel’s financial structure. Issuing additional shares may lead to equity dilution, while the high volatility of Bitcoin could affect the stability of the balance sheet. Singapore has strict regulations on cryptocurrencies, and Basel needs to ensure compliance. Nevertheless, its bold layout demonstrates the ambitions of Asian companies in the Bitcoin craze, which may trigger a chain reaction in the healthcare industry.

Driving factors of the craze

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

• Macroeconomic Uncertainty: The uncertainty of global inflation, geopolitical factors, and tariff policies is driving companies to seek inflation-resistant 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 resist the devaluation risk of the Indonesian Rupiah.
• The Benchmark Effect of MicroStrategy: MicroStrategy achieved a stock price surge of 220% 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.
• Improved 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. In Asia, regulatory frameworks in regions like Hong Kong and Singapore are becoming increasingly clear, providing a compliance foundation for businesses.
• Market Sentiment and Speculation: The surge in H100 and DigiAsia stock prices shows that the market is full of enthusiasm for “Bitcoin concept stocks.” Companies are attracting retail funds by making high-profile announcements of their coin purchase plans, driving a rapid increase in valuations in the short term.

Jim Chanos’s perspective: A barometer of speculation and arbitrage

The viewpoint of well-known Wall Street short seller Jim Chanos provides another perspective on this frenzy. According to CNBC, Chanos is simultaneously betting on Bitcoin while shorting MicroStrategy, trying to capture the market’s irrational sentiment through arbitrage. He likens this trade to “buying Bitcoin at $1 and selling MicroStrategy stock at $2.5,” believing that MicroStrategy’s stock price has been driven up by retail investor frenzy, with its valuation far exceeding the actual value of its Bitcoin holdings.

Chanos’s logic is straightforward and sharp: MicroStrategy’s stock price soared 220% over the past year, far exceeding Bitcoin’s 70% increase during the same period, indicating a valuation bubble. He further pointed out that some companies imitating MicroStrategy attract retail funds by publicly announcing Bitcoin investments, promoting the idea of “premium valuation,” which he described as “absurd” and unsustainable. Chanos’s trade is not only a challenge to MicroStrategy’s valuation but also an insight into the speculative ecology of the entire cryptocurrency market. He believes this strategy serves as a barometer for arbitrage as well as an indicator of retail speculative sentiment.

Chanos’s views reveal the duality of the Bitcoin craze. On one hand, corporate purchases of coins reflect recognition of Bitcoin’s long-term value, especially in the context of Trump’s crypto-friendly policies and tariff expectations driving up inflation. On the other hand, the frenzy of market sentiment may obscure the weakness of the fundamentals, with some companies using Bitcoin investments as a short-term speculation tool rather than based on rational decision-making. Chanos’s short-selling strategy reminds investors to be wary of the valuation traps of “Bitcoin concept stocks,” particularly during market corrections when companies overly reliant on retail enthusiasm may face collapse risks.

Conclusion: The Crossroads of Digital Gold

The Bitcoin investment frenzy in May 2025 is a collective experiment of global enterprises. From the cautious foray of H100 to the bold gamble of Addentax, and then to Chanos’s Wall Street game, these stories weave a complex tapestry of the digital asset era. Enterprises seek breakthroughs through Bitcoin, investors search for balance between frenzy and rationality, while 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 could reshape the industry landscape or become a footnote to speculative bubbles.

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