Original title: Speculation or Foresight? Global Corporate Bitcoin Buying Inventory in May"

Original Author: Oliver, Mars Finance

In May 2025, the narrative of Bitcoin as "digital gold" continued to heat up, with a number of companies around the world announcing or planning to buy Bitcoin in an attempt to hedge against inflation, boost valuations, or reshape their financial strategies through this decentralized asset. From Swedish health tech companies to China's textile giants to Indonesian fintech companies, these new players have entered the Bitcoin market with diverse funding options, demonstrating the penetration of crypto assets in traditional industries.

of Corporate Bitcoin InvestmentsThe

following table summarizes the Bitcoin investment plans of five new businesses in May 2025:

1. H100 Group AB: Swedish health tech's Bitcoin reserve pioneer

H100 Group AB, a Swedish health tech company, announced on May 25 that it would execute its bitcoin reserve strategy with a $2.2 million funding round, becoming the first publicly traded company in Sweden to publicly include bitcoin on its balance sheet. According to Cointelegraph, the funding round was led by Blockstream CEO Adam Back, who personally contributed about $1.4 million, with the remaining $800,000 coming from multiple investment institutions. Funds are injected in the form of convertible bonds with a 0% interest rate, and it is planned to buy about 20.18 BTC, plus the previous purchase of 4.39 BTC on May 22, bringing the total position to 24.57 BTC.

The H100's financing structure is innovative: the convertible bonds will mature on June 15, 2028, during which they can be converted into shares of the company at SEK 1.3 (approximately $0.11) per share, and the company can be forced to convert shares if the share price rises by more than 33% for 60 consecutive days. This design reduces the cost of financing while providing investors with the opportunity to share in the company's growth. H100 said that Bitcoin represents the value of "individual autonomy", which is in line with its healthtech mission. The market response has been overwhelming, and the company's stock price has risen by more than 40% since the announcement of the coin purchase plan on May 22.

Although H100's Bitcoin holdings are smaller, making up only a small portion of its balance sheet, Adam Back's involvement adds credibility to it. As a pioneer in the Bitcoin space, Back's endorsement of Layer-2 technology and mining through Blockstream could inspire more European businesses to follow suit. H100's strategy is more of a cautious test of the waters than a full-fledged transformation, reflecting the conservative approach of small and medium-sized businesses entering the Bitcoin market.

2. DDC Enterprise: China's Clothing Logistics' Bitcoin Gamble

China-listed DDC Enterprise announced on May 16 that it plans to buy 5,000 bitcoins, worth about $500 million, becoming the frontrunner in Chinese corporate bitcoin investment. According to Bitcoin Magazine and X Platform Dynamics, DDC is in the apparel and logistics business, raising funds through the issuance of additional common shares, with the aim of building a strategic bitcoin reserve. The plan quickly sparked buzz, with X platform users noting that DDC could follow MicroStrategy's lead and use Bitcoin investments to drive up the stock price while hedging against global trade uncertainty.

The motivation for a DDC is closely related to its industry background. The apparel and logistics industries are facing rising supply chain costs and tariff pressures, and Bitcoin's appeal as an inflation-resistant asset is becoming increasingly apparent. In addition, the gradual opening up of the regulatory environment for crypto assets in regions such as Hong Kong, China, provides DDCs with room to operate. DDC's stock price rose about 25% in the short term after the announcement of the purchase plan, indicating the initial market acceptance of its strategy. However, the purchase of 5,000 BTC requires a huge amount of capital, and the issuance of additional shares could dilute shareholders' equity. There is still uncertainty about the regulation of cryptocurrencies in Chinese mainland, and the DDC needs to operate cautiously within the compliance framework. Nevertheless, its high-profile layout may inspire more Asian companies to join the Bitcoin boom and become an important bellwether for the Chinese market.

3. Addentax: China's textile company's 8,000 bitcoins plan

On May 16, Chinese textile and logistics company Addentax (NASDAQ:ATXG) announced that it planned to purchase up to 8,000 bitcoins and other cryptocurrencies worth about $800 million through the issuance of new shares. According to Cointelegraph and Platform X, Addentax's decision marks an attempt to transform from traditional manufacturing to the crypto asset space, trying to increase valuation and market attention through Bitcoin investment.

Addentax's strategy is more aggressive than that of DDC, and if successful, the 8,000 BTC plan would make it one of the largest bitcoin holdings among Chinese companies. However, this plan has sparked controversy. Users of Platform X questioned whether Addentax's cash flow could support such a large-scale investment, fearing that it could amplify the risk through highly leveraged operations. The textile industry has low profit margins and is more affected by the global trade war, and Bitcoin may be seen as a breakthrough to get out of business bottlenecks.

Addentax's coin purchase plan is subject to both market volatility and regulation. China's regulatory policies on cryptocurrencies may limit their operational flexibility, and the issuance of additional shares may lead to equity dilution. Still, its bold layout shows the ambitions of Chinese companies in the global Bitcoin boom and could spark more traditional industries to follow suit.

4. DigiAsia: A Profit Reinvestment Model

in Indonesia DigiAsia (NASDAQ:FAAS), a fintech company in Indonesia, announced on May 20 that it plans to raise $100 million to buy bitcoin and pledged to use up to 50% of its future net profit for continued overholdings. According to the X platform, the plan has pushed DigiAsia's share price soaring nearly 90% in a short period of time, showing the market's pursuit of its aggressive strategy.

DigiAsia's strategy is unique. Compared with direct financing purchases, it links Bitcoin investment to profitability, showing confidence in long-term holdings. According to the company, Bitcoin can hedge against the depreciation of the rupiah and attract the attention of global investors. Indonesia, Southeast Asia's largest economy, has a rapidly growing rate of cryptocurrency adoption, and DigiAsia's move is likely to push more local businesses to follow suit.

However, DigiAsia's model of yielding by borrowing and staking Bitcoin can amplify the financial risks. Sharp fluctuations in the price of Bitcoin could lead to a liquidity crisis, while Indonesia is still conservative in its regulation of cryptocurrencies and requires more compliance costs. Nonetheless, its model of reinvesting profits offers new ideas for cash-flow-rich companies and could serve as a template for emerging-market companies.

5. Basel: Singapore Healthcare Group's $1 Billion Bitcoin Acquisition

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

The addition of Basel adds a new case for Bitcoin adoption in the healthcare industry. As a high-tech company focusing on orthopedic healthcare, Basel faces high R&D costs and market competition pressures, and Bitcoin investment may be seen as a means of diversifying risk and enhancing returns. Users of the X platform call it an "Asian version of MicroStrategy", believing that it may attract global capital through Bitcoin and make up for the bottleneck of industry growth.

The 10,000 BTC plan places high demands on Basel's financial structure. The issuance of additional shares may result in equity dilution, and Bitcoin's high volatility may affect balance sheet stability. Singapore has strict regulations on cryptocurrencies, and Basel needs to ensure compliance. Still, its bold layout shows the ambitions of Asian companies in the Bitcoin boom and could trigger a ripple effect in the healthcare industry.

of the boom

Bitcoin investment boom in May 2025 was driven by multiple factors that reflected the complex dynamics of businesses and markets around the world:

· Macroeconomic uncertainty:Uncertainty over global inflation, geopolitics and tariff policy has prompted companies to seek inflation-resistant assets. Bitcoin's fixed supply of 21 million coins and decentralized nature make it ideal for hedging against currency depreciation. For example, DigiAsia explicitly mentions Bitcoin's ability to withstand the risk of rupiah depreciation.

· MicroStrategy's Benchmarking Effect: MicroStrategy's 220% share price spike by holding over 250,000 BTC provides a template for other businesses. Basel and DDC's strategy of additional issuance and purchase of coins was clearly inspired by it, and they tried to replicate this successful path.

· Improved regulatory environment: After the Trump administration took office, crypto-friendly policies are expected to increase, such as the proposal to establish a national bitcoin reserve. The increasingly clear regulatory framework in Asian regions such as Hong Kong and Singapore provides a basis for compliance for businesses.

Market Sentiment and Speculation: The skyrocketing share price of H100 and DigiAsia shows that the market is enthusiastic about "Bitcoin concept stocks". Companies have attracted retail funds by announcing high-profile coin purchase plans, driving valuations to climb rapidly in the short term.

Jim Chanos' Perspective: A Barometer

The views of Jim Chanos, a well-known Wall Street bear, offer another perspective on this craze. According to CNBC, Chanos is betting on Bitcoin and shorting MicroStrategy at the same time, trying to capture market irrationality through arbitrage. He likened the trade to "buying Bitcoin for $1 and selling MicroStrategy stock for $2.5", arguing that MicroStrategy's share price was driven up by retail frenzy and valuations far exceeded the actual value of his Bitcoin holdings.

Chanos' logic is straightforward and sharp: MicroStrategy's stock price has soared 220% over the past year, far outpacing Bitcoin's 70% gain over the same period, indicating a valuation bubble. He further noted that some companies that have emulated MicroStrategy have promoted the idea of "premium valuations" by making high-profile announcements about Bitcoin investments to attract retail funds, a model that is "absurd" and unsustainable. Chanos' transaction is not only a response to MicroStrategy's valuation challenges, but also an insight into the speculative ecology of the entire crypto market. In his opinion, this strategy is not only a barometer of arbitrage, but also an indicator of retail speculative sentiment.

Chanos' argument reveals the two-sided nature of the Bitcoin craze. On the one hand, corporate purchases reflect a recognition of Bitcoin's long-term value, especially against the backdrop of Trump's crypto-friendly policies and tariff expectations driving up inflation. On the other hand, the frenzy of market sentiment may mask the weakness of fundamentals, and some companies are using Bitcoin investments as a short-term speculation tool rather than based on rational decision-making. Chanos' short-selling strategy warns investors to be wary of the valuation traps of "Bitcoin concept stocks", especially during market corrections, when companies that rely too much on retail enthusiasm may face the risk of collapse.

Conclusion: The Crossroads

Bitcoin investment boom in May 2025 is a collective experiment for businesses around the world. From the cautious test of the H100 to Addentax's gamble to Chanos' Wall Street gamble, these stories weave together a complex picture of the digital asset era. Businesses are looking for breakthroughs through Bitcoin, investors are looking for a balance between fanaticism and rationality, and markets are looking for direction in the midst of 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 choice could reshape the industry landscape and become a footnote to a speculative bubble.

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