Addentax Group Corp, an integrated service provider based in Shenzhen, China, said in an announcement today that it plans to purchase as many as 8,000 Bitcoin (BTC) and Trump (TRUMP) memecoin.
The company said it plans to ensure this deal by issuing shares of its common stock. It is currently negotiating with some major Bitcoin and cryptocurrency holders but has not concluded any deal so far, according to the press release.
This deal, if finalized, would be around $800 million based on the current market valuation of the digital assets. These crypto holders mentioned are believed to have a deep understanding and strong networks within the crypto community. Addentax said this is its long-term strategy to invest in and hold digital assets.
The firm expects this deal to strengthen its financial position since these cryptocurrencies are widely recognized. The company also hopes to gain new shareholders with beneficial experience in the crypto space.
According to Hong Zhida, the CEO of Addentax Group, the 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.”
He added that established digital assets could become a stable part of the company’s long-term holdings because they are easy to buy and sell, and more institutions are showing interest. The company feels that owning these digital currencies will ensure that they remain relevant as cryptocurrencies gain even more popularity and acceptance worldwide.
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