Addentax Aims to Acquire 12,000 Bitcoins
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Key Points: Addentax plans to purchase up to 12,000 Bitcoins by issuing new shares. Proposed acquisition value approximately $1.30 billion. Coincides with heightened institutional interest in Bitcoin. Addentax Group Corp., a Nasdaq-listed company, announced plans on July 2 to acquire up to 12,000 Bitcoins. The transaction will utilize newly issued shares of the company. This move, increasing from the 8,000 Bitcoins initially planned, could potentially reshape Addentax’s financial strategy significantly. Addentax’s $1.3 Billion Bitcoin Acquisition Plan Explained The Addentax Group Corp. has signed a non-binding term sheet with an undisclosed major Bitcoin holder to acquire up to 12,000 Bitcoins, marking a notable increase from their previous plan of 8,000 Bitcoins. This acquisition will use newly issued common shares of Addentax to settle the $1.30 billion transaction. Bitcoin’s inclusion as a treasury asset underscores its growing acceptance among institutional investors. Addentax’s significant leap from the initial proposal indicates a strategic shift to incorporate more Bitcoin into its balance sheet. The planned exchange could elevate the company’s financial profile and align with their broader blockchain strategy, as stated by CEO Hong Zhida. Market participants are closely watching this move to ascertain its impact on both the corporate and cryptocurrency landscapes. “This initiative supports the Company’s broader blockchain strategy by facilitating potential acquisitions of digital assets such as Bitcoin and introducing strategic investors with experience in the crypto ecosystem. We believe that certain established digital assets may serve as a stable component of the Company’s long-term holdings, given their liquidity and increasing institutional interest over recent years.” – Hong Zhida, CEO, Addentax Group Key industry figures have yet to comment on Addentax’s announcement, and reaction from market analysts and community forums remains muted. The extent of regulatory endorsement and tactical alignment with market expectations is yet to be determined. Bitcoin’s Market Position and…
