PANews reported on May 16 that according to The Block, Nasdaq-listed clothing manufacturer Addentax Group Corp. issued a statement saying that it is in talks with "influential holders" of cryptocurrencies such as Bitcoin and Trump-themed Meme coins to acquire crypto assets worth about $800 million. The company said it will raise funds through the issuance of additional common shares, but emphasized that "no final agreement has been reached." However, according to Yahoo Finance, the company's market value is only $4.4 million.
Addentax said in a statement that the counterparties hold a total of about 8,000 BTC and have deep industry resources. The company's CEO Hong Zhida said that this move is aimed at promoting the blockchain strategy and incorporating highly liquid and institutionally favored crypto assets into long-term holding plans. It is worth noting that Addentax's core business is still clothing manufacturing and logistics services.
