Shares of a Chinese investment holding company have been volatile since the firm rolled out an $800 million Bitcoin (BTC) and crypto investment plan earlier this week.
On Thursday, the Shenzhen-based Addentax Group Corp. announced plans to issue shares of its common stock to buy 8,000 BTC and acquire undefined amounts of other crypto assets, including President Donald Trump’s official memecoin (TRUMP).
The firm’s shares, listed on the Nasdaq as ATXG, were priced at $0.72 before the announcement but quickly jumped to a high of $1.68 later that day.
The stock then promptly retraced and dipped even lower than its original price and is now trading at $0.61. ATXG is down nearly 9% in the past 24 hours and more than 20% in the past five days.
Addentax specializes in garment manufacturing, logistics services, property management and subleasing.
The firm notes it has been in discussions “with a number of substantial and influential Bitcoin and other mainstream cryptocurrency holders” to facilitate the upcoming acquisitions.
Addentax chief executive Hong Zhida says the investments are part of the firm’s “broader blockchain strategy.”
“We believe 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.”
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