Original Title: "Speculation or Vision? A Comprehensive Review of Global Corporate Bitcoin Purchases in May"

Original author: 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.

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 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 totaling $2.2 million, becoming 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 personally invested about $1.4 million, with the remaining $800,000 coming from several investment firms. The funds were injected in the form of 0% interest convertible bonds, with plans to purchase approximately 20.18 Bitcoins, in addition to the 4.39 Bitcoins purchased earlier on May 22, bringing the total holdings to an estimated 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 US$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, and the company's stock price has risen by more than 40% since the announcement of the coin purchase plan on May 22.

Although H100's Bitcoin holdings are smaller, making up only a small portion of its balance sheet, Adam Back's involvement adds credibility to it. As a pioneer in the Bitcoin space, Back's endorsement of Layer-2 technology and mining through Blockstream could inspire more European companies to follow suit. H100's strategy is more of a cautious test of the waters than a full-fledged transformation, reflecting the conservative approach of small and medium-sized businesses entering the Bitcoin market.

2. DDC Enterprise: The Bitcoin Gamble of China's Clothing Logistics

The Chinese listed company DDC Enterprise announced on May 16 that it 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 from platform X, DDC is engaged in clothing and logistics businesses, raising funds through the issuance of common stock, aiming to establish a strategic Bitcoin reserve. This plan quickly sparked heated discussions, with users on platform X pointing out that DDC might follow the example of MicroStrategy, using Bitcoin investments to boost stock prices while hedging against global trade uncertainties.

The motivation for a DDC is closely related to its industry background. The apparel and logistics industries are facing rising supply chain costs and tariff pressures, and Bitcoin's appeal as an inflation-resistant asset is becoming increasingly apparent. In addition, the gradual opening up of the regulatory environment for crypto assets in regions such as Hong Kong, China, provides DDCs with room to operate. DDC's stock price rose about 25% in the short term after the announcement of the purchase plan, indicating the initial market recognition of its strategy. However, the purchase of 5,000 BTC would require a huge amount of capital, and the issuance of additional shares could dilute shareholders' equity. There is still uncertainty about the regulation of cryptocurrencies in Chinese mainland, and the DDC needs to operate cautiously within the compliance framework. Nevertheless, its high-profile layout may inspire more Asian companies to join the Bitcoin boom and become an important bellwether for the Chinese market.

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

On May 16, Chinese textile and logistics company Addentax (NASDAQ: ATXG) announced plans to raise funds through the issuance of new shares to purchase up to 8,000 Bitcoins and other cryptocurrencies, with a total value of approximately $800 million. According to Cointelegraph and X platform news, Addentax's decision marks its attempt to transition from traditional manufacturing to the crypto asset field, seeking to enhance its valuation and market attention through Bitcoin investments.

Addentax's strategy is more aggressive than DDC's, and if the plan for 8,000 Bitcoins is successful, 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, fearing 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 needs to face the dual challenges of market fluctuations and regulatory scrutiny. China's regulatory policies on cryptocurrency may limit its operational flexibility, while the issuance of additional shares could lead to equity dilution. Nevertheless, its bold layout demonstrates the ambition of Chinese enterprises in the global Bitcoin craze, which may trigger more traditional industries to follow suit.

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

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 share price soaring nearly 90% in a short period of time, showing the market's pursuit of its aggressive strategy.

DigiAsia's strategy is distinctive. Compared to direct financing for purchasing coins, it links Bitcoin investments 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 is experiencing rapid growth in cryptocurrency adoption, and DigiAsia's initiatives may encourage more local businesses to follow suit.

However, DigiAsia's model of generating income 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 new ideas for companies with ample cash flow and could become a template for emerging market enterprises.

5. Basel: The $1 Billion Bitcoin Acquisition by Singapore's Healthcare Group

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. According to @chairbtc, Basel's strategy is highly similar to that of MicroStrategy, using investor funds to buy Bitcoin and relying on price growth to return profits to shareholders.

Basel's entry 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 the X platform refer to it as "the Asian version of MicroStrategy," believing that it may attract global capital through Bitcoin to overcome the industry's growth bottleneck.

The 10,000-bitcoin plan places high demands on Basel's financial structure. The issuance of additional shares may result in equity dilution, and Bitcoin's high volatility may affect balance sheet stability. Singapore has strict regulations on cryptocurrencies, and Basel needs to ensure compliance. Still, its bold layout shows the ambitions of Asian companies in the Bitcoin boom and 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 businesses and markets:

· Macroeconomic Uncertainty: Global inflation, geopolitical tensions, and uncertainty around tariff policies are 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 risk of the depreciation of the Indonesian Rupiah.

· The Benchmark Effect of MicroStrategy: MicroStrategy has achieved a 220% surge in its stock price 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 came to power in the United States, expectations for crypto-friendly policies increased, such as the proposal to create 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 shows that the market is full of enthusiasm for "Bitcoin concept stocks." Companies are attracting retail funds by boldly announcing their coin purchase plans, driving valuations to rise rapidly in the short term.

Jim Chanos's Perspective: A Barometer of Speculation and Arbitrage

Jim Chanos, a prominent short-seller on Wall Street, provides another perspective on this craze. According to CNBC, Chanos is simultaneously betting on Bitcoin and shorting MicroStrategy, attempting to capture irrational market sentiment through arbitrage. He likened this trade to "buying Bitcoin at $1 and selling MicroStrategy stock at $2.5," believing that MicroStrategy's stock price is 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 are attracting retail funds by publicly announcing Bitcoin investments, promoting the idea of "premium valuation"; this model is "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 crypto market. He believes this strategy is not only a barometer for arbitrage but also an indicator of retail speculation 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 of May 2025 is a collective experiment for businesses around the world. From the cautious test of the H100 to Addentax's gamble to Chanos' Wall Street gamble, these stories weave together a complex picture of the digital asset era. Businesses are looking for breakthroughs through Bitcoin, investors are looking for a balance between fanaticism and rationality, and markets are looking for direction in the midst of volatility. This is not only a bet of capital on "digital gold", but also an exploration of the future financial system. At this crossroads, every choice could reshape the industry landscape and become a footnote to a speculative bubble.

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