Addentax Group, a China-based logistics and garment firm, revealed plans to acquire up to $800 million worth of cryptocurrencies, including 8,000 Bitcoin and unspecified amounts of other tokens such as the Trump-themed memecoin TRUMP, in an announcement on May 15.
The company intends to complete the deal by issuing common stock to a group of major crypto holders. However, no definitive agreement has been reached so far.
While it did not disclose how much of the $800 million would be allocated to Bitcoin or other assets, it confirmed that the group it’s negotiating with claims to collectively hold approximately 8,000 BTC. The initiative is part of Addentax’s broader plan to strengthen its balance sheet by acquiring liquid and widely recognized digital assets. It also seeks to bring influential crypto figures into its shareholder base.
In its announcement, Addentax said it has been in discussions with several “substantial and influential” crypto holders.
“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,” he added.
Hong Zhida, CEO of Addentax, said, “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.”