Original author: Oliver, Mars Finance
In May 2025, the narrative of Bitcoin as digital gold continued to heat up, and many companies around the world announced the purchase or plan to purchase Bitcoin, trying to hedge inflation, increase valuations or reshape financial strategies through this decentralized asset. From Swedish health technology companies to Chinese textile giants to Indonesian fintech companies, these new players entered the Bitcoin market with a variety of financing methods, demonstrating the penetration of crypto assets in traditional industries.
Overview of Corporate Bitcoin Investments
The following table summarizes the Bitcoin investment plans of the five new companies added in May 2025:
1. H100 Group AB: Swedish health tech pioneer with bitcoin reserves
Swedish health technology company H100 Group AB announced on May 25 that it would implement a Bitcoin reserve strategy through a round of financing of $2.2 million, becoming the first listed company in Sweden to publicly include Bitcoin in its balance sheet. According to Cointelegraph, the financing was led by Blockstream CEO Adam Back, who personally invested about $1.4 million, and the remaining $800,000 came from multiple investment institutions. The funds were injected in the form of convertible bonds with a 0% interest rate, and it is planned to purchase about 20.18 Bitcoins. Together with the 4.39 Bitcoins purchased on May 22, the total holdings are expected to reach 24.57 BTC.
H100s financing structure is quite innovative: the convertible bonds will mature on June 15, 2028, and can be converted into company shares at 1.3 Swedish kronor (about 0.11 US dollars) per share during the period, and if the stock price rises by more than 33% for 60 consecutive days, the company can force the conversion. This design reduces financing costs while providing investors with the opportunity to share in the companys growth. H100 said that Bitcoin represents the value of individual autonomy and is consistent with its health technology mission. The market responded enthusiastically, and the companys stock price has risen by more than 40% since the announcement of the coin purchase plan on May 22.
Although H100s Bitcoin holdings are small and only account for a small part of its balance sheet, Adam Backs participation adds credibility to it. As a pioneer in the Bitcoin field, Back has promoted the development of Layer-2 technology and mining through Blockstream, and his endorsement may inspire more European companies to follow suit. H100s strategy is more like a cautious test of the waters than a full transformation, reflecting the conservative attitude of small and medium-sized enterprises to enter the Bitcoin market.
2. DDC Enterprise: Chinas apparel logistics gamble on Bitcoin
On May 16, DDC Enterprise, a Chinese listed company, announced plans to purchase 5,000 bitcoins, worth about $500 million, becoming the leader in Chinese corporate bitcoin investment. According to Bitcoin Magazine and X Platform News, DDC is engaged in clothing and logistics businesses and is raising funds through additional common stock issuance to build a strategic bitcoin reserve. The plan quickly sparked heated discussions, with X Platform users pointing out that DDC may follow MicroStrategys example and use bitcoin investment to push up its stock price while hedging against global trade uncertainties.
DDCs motivation is closely related to its industry background. The clothing and logistics industries are facing rising supply chain costs and tariff pressures, and Bitcoins appeal as an anti-inflation asset is becoming increasingly prominent. In addition, the regulatory environment for crypto assets in regions such as Hong Kong, China has gradually opened up, providing DDC with room for operation. After announcing the coin purchase plan, DDCs stock price rose by about 25% in the short term, showing the markets initial recognition of its strategy.
However, the purchase of 5,000 bitcoins requires huge amounts of money, and the issuance of additional shares may dilute shareholders equity. There is still uncertainty in the regulation of cryptocurrencies in mainland China, and DDC needs to operate cautiously within the compliance framework. Nevertheless, its high-profile layout may encourage more Asian companies to join the Bitcoin craze and become an important indicator of the Chinese market.
3. Addentax: Chinese textile companys 8,000 Bitcoin plan
Also on May 16, Chinese textile and logistics company Addentax (NASDAQ: ATXG) announced plans to purchase up to 8,000 bitcoins and other cryptocurrencies, with a total value of approximately $800 million, through the issuance of new shares. According to Cointelegraph and X Platform, Addentaxs decision marks its attempt to transform from traditional manufacturing to the field of crypto assets, attempting to increase its valuation and market attention through Bitcoin investment.
Addentaxs strategy is more radical than DDCs. If the 8,000 bitcoin plan is successful, it will become one of the Chinese companies with the largest bitcoin holdings. However, the plan has sparked controversy. X platform users questioned whether Addentaxs cash flow can support such a large-scale investment, and worried that it may amplify risks through high leverage operations. The textile industry has a low profit margin and is greatly affected by the global trade war. Bitcoin may be seen as a breakthrough to get rid of business bottlenecks.
Addentaxs coin purchase plan faces the dual challenges of market volatility and regulation. Chinas regulatory policies on cryptocurrencies may limit its operational flexibility, and the issuance of additional shares may lead to equity dilution. Nevertheless, its bold layout shows the ambition of Chinese companies in the global Bitcoin craze, which may lead to more traditional industries to follow suit.
4. DigiAsia: Indonesia’s Fintech Profit Reinvestment Model
Indonesian financial technology company DigiAsia (NASDAQ: FAAS) announced on May 20 that it plans to raise $100 million to purchase Bitcoin, and promised to use up to 50% of its future net profit for continued holdings. According to X platform news, this plan has pushed DigiAsias stock price to soar by nearly 90% in the short term, showing that the market is chasing its aggressive strategy.
DigiAsias strategy is unique. Compared with direct financing to purchase coins, it links Bitcoin investment with profitability, showing confidence in long-term holdings. The company said that Bitcoin can hedge the risk of rupiah depreciation and attract the attention of global investors. As the largest economy in Southeast Asia, Indonesia has a rapidly growing cryptocurrency adoption rate, and DigiAsias move may encourage more local companies to follow suit.
However, DigiAsias model of earning income through lending and staking Bitcoin may amplify financial risks. The sharp fluctuations in Bitcoin prices may lead to a liquidity crisis, and Indonesias regulation of cryptocurrencies is still conservative, requiring more compliance costs. Nevertheless, its profit reinvestment model provides new ideas for companies with abundant cash flow and may become a template for companies in emerging markets.
5. Basel: Singapore Medical Group’s $1 billion Bitcoin acquisition
Basel, an orthopedic medical group in Singapore, announced on May 23 that it had reached an agreement with the Bitcoin Holders Alliance to purchase 10,000 bitcoins worth about $1 billion by issuing additional common shares. According to @chairbtc, Basels strategy is highly similar to MicroStrategys, using investor funds to purchase bitcoin and relying on price growth to reward shareholders.
Basels participation adds a new case for the adoption of Bitcoin in the medical industry. As a high-tech enterprise focusing on orthopedic medicine, Basel faces high RD costs and market competition pressure. Bitcoin investment may be seen as a means of diversifying risks and improving returns. X platform users call it the Asian version of MicroStrategy and believe that it may attract global capital through Bitcoin to make up for the bottleneck of industry growth.
The 10,000 bitcoin plan places high demands on Basels financial structure. Issuing additional shares could lead to equity dilution, and the high volatility of bitcoin could affect the stability of the balance sheet. Singapore has stricter regulations on cryptocurrencies, and Basel needs to ensure compliance. Nevertheless, its bold layout shows the ambitions of Asian companies in the bitcoin boom, which may trigger a chain reaction in the medical industry.
Drivers of the boom
The Bitcoin investment boom in May 2025 was driven by multiple factors, reflecting the complex dynamics of global businesses and markets:
Macroeconomic uncertainty: Uncertainty about global inflation, geopolitics, and tariff policies has prompted companies to seek inflation-resistant assets. Bitcoin’s fixed supply of 21 million coins and decentralized nature make it an ideal choice for hedging against currency depreciation. For example, DigiAsia explicitly mentioned that Bitcoin can protect against the risk of rupiah depreciation.
MicroStrategys benchmark effect: MicroStrategy achieved a 220% surge in its stock price by holding more than 250,000 bitcoins, providing a template for other companies. Basel and DDCs additional issuance and purchase of coins were clearly inspired by it, trying to replicate this successful path.
Improved regulatory environment: After the Trump administration came to power in the United States, expectations for crypto-friendly policies have increased, such as the proposal to establish a national Bitcoin reserve. The regulatory framework in Asian regions such as Hong Kong and Singapore has become increasingly clear, providing a compliance basis for companies.
Market sentiment and speculation: The surge in the share prices of H100 and DigiAsia shows that the market is enthusiastic about Bitcoin concept stocks. Companies attract retail funds by announcing high-profile plans to purchase coins, driving valuations to rise rapidly in the short term.
Jim Chanoss Perspective: A Barometer of Speculation and Arbitrage
The views of Jim Chanos, a well-known Wall Street short seller, provide another perspective on this craze. According to CNBC, Chanos bet on Bitcoin and shorted MicroStrategy at the same time, trying to capture the irrational market sentiment through arbitrage. He likened this transaction to buying Bitcoin for $1 and selling MicroStrategy stock for $2.5, believing that MicroStrategys stock price was pushed up by retail investors enthusiasm, and its valuation far exceeded the actual value of its Bitcoin holdings.
Chanos logic is straightforward and sharp: MicroStrategys stock price has soared 220% in the past year, far exceeding Bitcoins 70% increase in the same period, showing a valuation bubble. He further pointed out that some companies that imitate MicroStrategy have attracted retail funds by announcing Bitcoin investments in a high-profile manner, promoting the idea of premium valuations, a model that is absurd and unsustainable. Chanoss transaction is not only a valuation challenge for MicroStrategy, but also an insight into the entire crypto markets speculative ecology. He believes that this strategy is not only a barometer of arbitrage, but also an indicator of retail speculative sentiment.
Chanoss view reveals the two-sided nature of the Bitcoin craze. On the one hand, corporate purchases reflect recognition of Bitcoins long-term value, especially in the context of Trumps crypto-friendly policies and tariff expectations pushing up inflation. On the other hand, the frenzy of market sentiment may mask the weakness of fundamentals, and some companies use Bitcoin investment as a short-term speculation tool rather than based on rational decision-making. Chanos short-selling strategy reminds investors to be wary of the valuation trap of Bitcoin concept stocks, especially when the market pulls back, 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 companies. From H100s cautious trial to Addentaxs gamble, to Chanoss Wall Street game, these stories interweave a complex picture of the digital asset era. Companies seek breakthroughs through Bitcoin, investors seek a balance between enthusiasm and rationality, and the market seeks direction in 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 may reshape the industry landscape, or it may become a footnote to a speculative bubble.
