Addentax Group Corp. (NASDAQ: ATXG) Acquires 8,000 Bitcoins (BTC) and Official Trump (TRUMP) Token

Addentax Group Corp. (NASDAQ: ATXG), a Chinese garment manufacturer has become the latest company from the traditional industries to explore opportunities in digital assets.

Addentax Group Corp (NASDAQ:ATXG) plans to acquire 8,000 bitcoins (BTC) and other cryptocurrencies, including the Official Trump (TRUMP) token, according to a statement seen by NFTgators on Thursday.

The Nasdaq-listed company plans to raise part of the funds through a share offering.

The garment manufacturer announced that it is planning to invest in a portfolio of digital assets and has already begun preliminary discussions with third parties.

The company plans to apply for relevant approvals to proceed with the investment, subject to reaching a definitive agreement.

Addentax intends to contribute a portion of its cash reserves and issue shares of common stock to raise up to $800 million. The company plans to invest in a portfolio of digital assets, including Bitcoin, Ethereum (CRYPTO: ETH), and the TRUMP token, among others.

The company will specifically target highly liquid and widely recognized digital assets, which it believes will strengthen its balance sheet.

Moreover, Addentax plans to include a network of influential crypto holders among its shareholders.

“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,” said Mr. Hong Zhida, CEO of Addentax.

According to Zhida, 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.

Addentax is not the only company from traditional industries to explore opportunities in the digital assets space.

Earlier this week, U.S.-based healthcare company KindlyMD announced a merger with David Bailey’s new crypto company Nakamoto to form a Bitcoin treasury. The company launched with $710 million in fundraising including a $510 million PIPE and a $200 million convertible note to finance investments in BTC.