Speculation or vision? Global Business Bitcoin Purchase Market Point in May

Author: Oliver, Mars Finance

In May 2025, the narrative of Bitcoin as "digital gold" continued to heat up. Many companies around the world announced their purchases or plans to purchase Bitcoin, trying to hedge inflation, increase valuation or reshape their financial strategies through this decentralized asset. From Swedish health technology companies to Chinese textile giants to Indonesian fintech companies, these new players enter the Bitcoin market with diversified financing methods, 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 in May 2025:

1. H100 Group AB: Swedish Health Technology’s Pioneer in Bitcoin

Reserves

Swedish health technology company H100 Group AB announced on May 25 that it would implement its Bitcoin reserve strategy through a round of $2.2 million in financing, becoming the first public company in Sweden to publicly include Bitcoin on 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 comes from multiple investment institutions. The funds are injected through the form of convertible bonds with a rate of 0%, and it is planned to purchase about 20.18 bitcoins. Together with the 4.39 pieces purchased on May 22, the total holdings are expected to reach 24.57 BTC.

The financing structure of H100 is quite innovative: convertible bonds will expire on June 15, 2028, and can be converted into company shares at 1.3 SEK (approximately US$0.11) during the period, and if the stock price rises by more than 33% for 60 consecutive days, the company can force the share conversion. This design reduces financing costs while providing investors with opportunities to share their company's growth. H100 said that Bitcoin represents the value of "individual autonomy" and is in line with its health technology mission. The market responded enthusiastically. Since the announcement of the coin purchase plan on May 22, the company's stock price has risen by more than 40%.

Although H100 has a small bitcoin holding, accounting for only a small part of its balance sheet, Adam Back’s involvement adds credibility to it. As a pioneer in the Bitcoin field, Back promotes Layer-2 technology and mining through Blockstream, and its endorsement may inspire more European companies to follow suit. The H100's strategy is more like a cautious test of the waters than a comprehensive transformation, reflecting the conservative attitude of small and medium-sized enterprises to enter the Bitcoin market.

2. DDC Enterprise: Bitcoin gamble in China's clothing logistics

On May 16, Chinese listed company DDC Enterprise announced plans to purchase 5,000 bitcoins, worth about US$500 million, becoming the leader in Bitcoin investment in Chinese companies. According to Bitcoin Magazine and X platform dynamics, DDC is engaged in clothing and logistics businesses, raising funds through additional issuance of common stocks, aiming to build strategic Bitcoin reserves. The plan quickly sparked heated discussion, with X platform users pointing out that DDC may follow MicroStrategy to push up stock prices through Bitcoin investments while hedging global trade uncertainty.

DDC’s motivation is closely related to its industry background. The clothing and logistics industry is facing rising supply chain costs and tariff pressures, and Bitcoin’s attractiveness as an anti-inflation asset is becoming increasingly prominent. In addition, the regulatory environment for crypto assets in Hong Kong and other regions has gradually opened up, providing operational space for DDC. After announcing the 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, the purchase of 5,000 Bitcoins requires huge funds, and additional shares may dilute shareholders' equity. There is still uncertainty in mainland China's regulation of cryptocurrencies, and DDC needs to operate cautiously within the compliance framework. Despite this, its high-profile layout may inspire more Asian companies to join the Bitcoin craze and become an important weather vane for the Chinese market.

3. Addax: 8,000 Bitcoin Plan for Chinese Textile Enterprises

On May 16, Chinese textile and logistics company Addentax (NASDAQ: ATXG) announced that it would raise funds through the issuance of new shares, planning to purchase up to 8,000 Bitcoins and other cryptocurrencies, with a total value of approximately US$800 million. According to Cointelegraph and X platforms, Addentax's decision marks its attempt to transform from traditional manufacturing to crypto assets, trying to increase valuation and market attention through Bitcoin investment.

Addentax's strategy is more radical than DDC. If the 8,000 Bitcoin plan is successful, it will become one of the largest companies in Chinese companies with Bitcoin holdings. However, this plan has caused controversy. X platform users question whether Addentax's cash flow can support such a large-scale investment, and are worried that it may amplify risks through high leverage operations. The textile industry has low profit margins and is greatly affected by the global trade war. Bitcoin may be regarded as a breakthrough to get rid of business bottlenecks.

Addentax's coin purchase plan needs to face the dual test of market volatility and regulation. China's regulatory policies on cryptocurrencies may limit its operational flexibility, and additional shares may lead to equity dilution. Nevertheless, its bold layout shows the ambitions of Chinese companies in the global Bitcoin boom, which may trigger more traditional industries to follow suit.

4. DigiAsia: Indonesia's financial technology profit reinvestment model

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

DigiAsia's 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 Bitcoin can hedge the risk of Indonesian rupiah depreciation and attract global investors' attention. Indonesia, the largest economy in Southeast Asia, has seen rapid growth in cryptocurrency adoption, and DigiAsia's moves may drive more local businesses to follow suit.

However, DigiAsia's model of earning profits through lending and staking Bitcoin may amplify financial risks. Severe fluctuations in Bitcoin prices may lead to liquidity crisis, while Indonesia's regulation of cryptocurrencies is still relatively conservative and requires more compliance costs. Nevertheless, its profit reinvestment model provides new ideas for companies with abundant cash flow and may become a template for emerging market companies.

5. Basel: $1 billion Bitcoin acquisition by Singapore Healthcare Group

Singapore's orthopedic medical group Basel announced on May 23 that it had reached an agreement with the "Bitcoin Holders Alliance" to purchase 10,000 Bitcoins through additional common shares, worth about US$1 billion. According to @chairbtc, Basel's strategy is highly similar to MicroStrategy, using investor funds to buy Bitcoin and relying on price growth to return shareholders.

Basel's addition adds a new case to the healthcare industry's adoption of Bitcoin. As a high-tech enterprise focusing on orthopedic medical care, Basel faces high R&D costs and market competition pressures, and Bitcoin investment may be regarded as a means to diversify risks and improve returns. X platform users call it "an Asian version of micro-strategy", believing that it may attract global capital through Bitcoin and make up for the industry's growth bottleneck.

The plan for 10,000 Bitcoins puts high demands on Basel's financial structure. Additional shares are issued may lead to equity dilution, while high volatility in Bitcoin may affect balance sheet stability. Singapore has strict supervision of cryptocurrencies, and Basel needs to ensure compliance. Nevertheless, its bold layout shows the ambitions of Asian companies in the Bitcoin boom that could trigger a ripple effect in the healthcare industry.

The drivers of the boom

The Bitcoin investment boom in May 2025 is driven by multiple factors, reflecting the complex dynamics of global businesses and markets:

1. Macroeconomic uncertainty: Uncertainties in global inflation, geopolitics and tariff policies have prompted companies to seek anti-inflation assets. Bitcoin’s 21 million fixed supply and decentralized properties make it an ideal choice to hedge currency depreciation. For example, DigiAsia explicitly mentioned that Bitcoin can withstand the risk of depreciation of the Indonesian rupiah.
2. MicroStrategy's benchmark effect: MicroStrategy's stock price soared by holding more than 250,000 Bitcoins, providing templates for other companies. Basel and DDC's additional issuance and purchase strategies are clearly inspired by it, trying to replicate this successful path.
3. Improved regulatory environment: After the Trump administration came to power, expectations of 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 is becoming increasingly clear, providing a compliance basis for companies.
4. Market sentiment and speculation: The surge in stock prices of H100 and DigiAsia shows that the market is full of enthusiasm for "Bitcoin concept stocks". Companies have attracted retail investors by announcing their coin buying plans, driving a rapid rise in valuations in the short term.

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

The views of the famous Wall Street short seller Jim Chanos provide another perspective to the boom. According to CNBC, Chanos also bet on Bitcoin and shorted MicroStrategy, trying to capture market irrational sentiment through arbitrage. He likens this transaction to "buy Bitcoin for $1 and sell MicroStrategy stock for $2.50", believing that MicroStrategy's stock price was pushed up by retail investors and its valuation far exceeds the actual value of its Bitcoin holdings.

Chanos' logic is straightforward and sharp: MicroStrategy's stock price soared 220% in the past year, far exceeding Bitcoin's 70% increase in the same period, showing a valuation bubble. He further pointed out that some companies that follow MicroStrategy's idea of ​​attracting retail investors by high-profile announcements of Bitcoin investment and promoting "premium valuations", a model that is "absurd" and unsustainable. Chanos's deal is not only a valuation challenge against MicroStrategy, but also an insight into the speculative ecosystem of the entire crypto market. He believes that this strategy is not only a barometer of arbitrage, but also an indicator of retail speculative sentiment.

Chanos's perspective reveals the bilateral nature of the Bitcoin craze. On the one hand, corporate coin purchases reflect recognition of Bitcoin’s long-term value, especially as Trump’s crypto-friendly policies and tariff expectations push up inflation. On the other hand, the fanaticism of market sentiment may mask the weakness of fundamentals, and some companies use Bitcoin investment as a tool for short-term hype 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 intersection of digital gold

The Bitcoin investment boom in May 2025 is a collective experiment for global enterprises. From the cautious test of the H100 to the Addentax gamble to the Wall Street game of Chanos, these stories intertwined the complex picture of the digital asset era. Companies seek breakthroughs through Bitcoin, investors seek a balance between fanaticism and rationality, while the market seeks direction in fluctuations. This is not only a capital bet on "digital gold", but also an exploration of the future financial system. At this crossroads, every decision may reshape the industry structure and may also become a footnote to the speculative bubble.