Nasdaq-listed Addentax Group Corp. said it has entered into a non-binding term sheet to buy as many as 12,000 Bitcoin
Nasdaq-listed Addentax Group Corp. said it has entered into a non-binding term sheet to buy as many as 12,000 Bitcoin, currently worth about US$1.3 billion, from an unidentified independent holder. The transaction would be settled with newly issued Addentax shares, according to a statement posted on 2 July.
The Shenzhen-based textile and logistics company is valued at roughly US$6.8 million, meaning the prospective purchase would exceed its own market capitalisation by around 200-fold. Addentax, which signalled in May that it was considering an 8,000-Bitcoin deal, said the larger agreement remains subject to due-diligence, definitive documentation and customary approvals as it pursues a strategy to diversify beyond its core garment business.
The announcement adds to a series of corporate treasury moves into the cryptocurrency and comes as industry executives point to rising institutional appetite. Marathon Digital Holdings Chief Executive Officer Fred Thiel said this week that a “huge amount of institutional interest” is driving Bitcoin accumulation and pushing prices close to record highs.
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