Speculation or Vision? A Global Overview of Corporate Bitcoin Purchases in May

Written by: Oliver, Mars Finance

In May 2025, the narrative of Bitcoin as "digital gold" continued to heat up, with a number of companies around the world announcing or planning to buy Bitcoin in an attempt to hedge against inflation, boost valuations, or reshape financial strategies through the decentralized asset. From Swedish health tech companies to China's textile giants to Indonesian fintech companies, these new players have entered the Bitcoin market with diverse funding options, demonstrating the penetration of crypto assets in traditional industries.

Overview of Corporate Bitcoin Investment

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

1. H100 Group AB: The pioneer of Bitcoin reserves in Swedish health technology.

Swedish health technology company H100 Group AB announced on May 25 that it has executed a Bitcoin reserve strategy through a round of financing of $2.2 million, becoming the first publicly listed company in Sweden to include Bitcoin on its balance sheet. According to Cointelegraph, the financing was led by Blockstream CEO Adam Back, who personally invested approximately $1.4 million, with the remaining $800,000 coming from multiple investment firms. The funds were injected in the form of convertible bonds with a 0% interest rate, with plans to purchase approximately 20.18 Bitcoin. Together with the 4.39 Bitcoin purchased earlier on May 22, the total holdings are 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 H100's Bitcoin holdings 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 has promoted Layer-2 technology and mining development through Blockstream, and his endorsement could encourage more European companies to follow suit. H100's strategy seems more like a cautious trial rather than a full transformation, reflecting the conservative attitude of small and medium-sized enterprises entering the Bitcoin market.

2. DDC Enterprise: The Bitcoin Gamble in China's Clothing 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 face rising supply chain costs and tariff pressures, while Bitcoin's appeal as an anti-inflation asset is becoming increasingly prominent. In addition, the gradually opening 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, indicating 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 shareholders' equity. The regulatory environment for cryptocurrencies in mainland China remains uncertain, and DDC needs to operate cautiously within a compliance framework. Nevertheless, its high-profile positioning may inspire more Asian companies to join the bitcoin craze, becoming an important barometer for the Chinese market.

3. Addentax: The 8000 Bitcoin Plan of Chinese Textile Enterprises

Also on May 16, Chinese textile and logistics company Addentax (NASDAQ: ATXG) announced plans to purchase up to 8,000 bitcoins and other cryptocurrencies worth about $800 million through the issuance of new shares. According to Cointelegraph and Platform X, Addentax's decision marks an attempt to transform from traditional manufacturing to the crypto asset space, in an attempt to increase valuation and market attention through Bitcoin investment.

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-scale investment, worrying that it may amplify risks through high leverage operations. The textile industry's profit margins are low and heavily impacted by the global trade war, and bitcoin may be seen as a breakthrough to escape business bottlenecks.

Addentax's coin purchase plan faces dual challenges of market volatility and regulatory scrutiny. China's regulatory policies on cryptocurrencies may limit operational flexibility, while issuing additional shares could lead to equity dilution. Nevertheless, its bold strategy demonstrates the ambition of Chinese companies in the global Bitcoin boom, potentially prompting more traditional industries to follow suit.

4. DigiAsia: The Profit Reinvestment Model of Indonesia's Fintech

Indonesian fintech company DigiAsia (NASDAQ:FAAS) announced on May 20 that it plans to raise $100 million to buy bitcoin and pledged to use up to 50% of its future net profit to continue to increase its holdings. According to the X platform, this plan has pushed DigiAsia's stock price to soar by nearly 90% in a short period of time, showing the market's pursuit of its aggressive strategy.

DigiAsia's strategy is unique. Instead of directly financing to purchase coins, it links Bitcoin investment to 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's cryptocurrency adoption rate is rapidly growing, 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 drastic fluctuations in Bitcoin prices could lead to liquidity crises, while Indonesia's regulatory stance on cryptocurrencies remains relatively conservative, requiring more compliance costs. Nevertheless, its profit reinvestment model provides a new perspective for cash-rich companies and may serve as a template for emerging market enterprises.

5. Basel: The $1 billion Bitcoin acquisition by the Singapore healthcare group

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 through the issuance of common stock, valued at approximately $1 billion. According to @chairbtc, Basel's strategy is highly similar to that of MicroStrategy, utilizing investor funds to buy bitcoins and relying on price appreciation to return value to shareholders.

The addition of Basel has provided 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 Bitcoin investment may be seen as a means to diversify risks and enhance returns. Users on the X platform refer to it as the "Asian version of MicroStrategy," believing that it may 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 could affect balance sheet stability. Singapore has relatively strict regulations regarding cryptocurrencies, and Basel must 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.

Drivers 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 surrounding global inflation, geopolitical factors, and tariff policies is prompting companies to seek inflation-resistant assets. Bitcoin's fixed supply of 21 million coins and decentralized characteristics make it an ideal choice for hedging against currency devaluation. For instance, DigiAsia explicitly mentions that Bitcoin can resist the devaluation risk of the Indonesian Rupiah.

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 issuance and purchasing 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 Asia, such as 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 indicates that the market is full of enthusiasm for "Bitcoin concept stocks." Companies are attracting retail investors' funds by publicly announcing their coin purchase plans, driving valuations to rise rapidly in the short term.

Jim Chanos's perspective: A barometer for speculation and arbitrage

The viewpoint of well-known Wall Street short seller Jim Chanos provides another perspective on this craze. According to CNBC, Chanos is simultaneously betting on Bitcoin while shorting MicroStrategy, attempting to capture the market's irrational sentiment through arbitrage. He likened this trade to "buying Bitcoin for $1 and selling MicroStrategy stock for $2.50," 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' 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 in May 2025 is a collective experiment of global enterprises. From H100's cautious foray to Addentax's gamble, and then to Chanos's Wall Street game, these stories weave a complex picture of the digital asset era. Enterprises seek breakthroughs through Bitcoin, investors look for a balance between frenzy and rationality, while the market searches for 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 choice may reshape the industry landscape or become a footnote to a speculative bubble.