Shares of Chinese Apparel Firm in Choppy Trading After Announcing $800,000,000 Bitcoin and Crypto Investment Strategy
Shares of Addentax Group Corp, a Chinese investment holding company, have experienced significant volatility following the announcement of an $800 million Bitcoin and crypto investment plan earlier this week. The Shenzhen-based company revealed its intention to issue shares of common stock to acquire 8,000 BTC and unspecified amounts of other crypto assets, including President Donald Trump’s official memecoin, TRUMP.
Prior to the announcement, the firm’s shares, trading on the Nasdaq under the ticker ATXG, were priced at $0.72. The stock price surged to a high of $1.68 on the day of the announcement but quickly retraced, dropping below its original price to $0.61. Over the past 24 hours, ATXG has fallen by nearly 9% and by more than 20% over the past five days.
Addentax Group Corp specializes in garment manufacturing, logistics services, property management, and subleasing. The company has stated that it is in discussions with significant Bitcoin and cryptocurrency holders to facilitate the planned acquisitions.
Addentax CEO, Hong Zhida, emphasized that the investments are part of the company’s broader blockchain strategy. He believes that established digital assets can serve as a stable component of the company’s long-term holdings due to their liquidity and growing institutional interest.
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In conclusion, the market response to Addentax Group Corp’s crypto investment plan has been turbulent, reflecting the unpredictable nature of the digital asset market. The company’s strategic shift towards blockchain assets demonstrates a forward-thinking approach to diversifying its holdings and capitalizing on the growing interest in cryptocurrencies.
