China-based garment maker says it’s eyeing $800 million BTC, TRUMP purchase — sort of

While a growing number of companies have recently announced plans to buy and hold Bitcoin, not every proclamation may warrant a drumroll.

Enter Addentax Group Corp., a China-based garment manufacturer that issued a curious press release Thursday claiming it has been in talks with “influential” holders of Bitcoin and other cryptocurrencies, including Trump’s memecoin, about a potential purchase valued at “approximately” $800 million.

“Based on separate conversations with the crypto holders, it is believed that they collectively hold approximately 8,000 BTC, bearing profound understanding and networks in the crypto world,” the company said in its press release. “Addentax Group Corp. and its management regard this initiative as the Company’s core action to support its crypto asset long-term investment and holding strategy, at the same time, building up the Company’s networks through bringing influential crypto holders as its shareholders.”

The company was careful to note that “no definitive agreement has been reached.” Addentax did not immediately respond to a request for comment.

Addentax said it intends to fund any crypto acquisition by issuing common stock. Its shares, which trade on Nasdaq’s OTC market, were down about 7% to 72 cents as of 1 p.m. ET Thursday, according to Yahoo Finance, suggesting the crypto plan hadn’t exactly thrilled investors.

The company’s market cap is about $4.4 billion, according to Yahoo Finance.

While Addentax calls itself “a garment manufacturer and logistics service provider based in China,” the company said in its Thursday press release that the potential crypto purchases reflect management’s long-term strategic view on the evolving digital asset landscape, suggesting it aims to join the growing number of firms adding bitcoin and other cryptocurrencies to their corporate treasuries.

In Thursday’s statement, Addentax CEO Hong Zhida said: “This initiative supports the company’s broader blockchain strategy by facilitating potential acquisitions of digital assets such as Bitcoin and introducing strategic investors with experience in the crypto ecosystem,” adding that the company believes “that certain established digital assets may serve as a stable component of the company’s long-term holdings, given their liquidity and increasing institutional interest over recent years.”

There are now dozens of companies that have adopted some form of bitcoin treasury. Cantor Fitzgerald, SoftBank, Bitfinex, and Tether recently said they planned to launch of a $3.6 billion bitcoin venture called Twenty One. They join the likes of Semler Scientific, KULR, and Metaplanet in adopting a bitcoin acquisition model similar to that of Strategy (formerly MicroStrategy).

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