Addentax Group Corp. to purchase as many as 8,000 Bitcoin (BTC) and Trump (TRUMP) memecoin.

Addentax Group Corp, an integrated service provider based in Shenzhen, China, said in an announcement today that it plans to purchase as many as 8,000 Bitcoin (BTC) and Trump (TRUMP) memecoin.

Addentax Group Corp (OTCMKTS:ADTEX) has announced plans to purchase up to 8,000 Bitcoin and Trump memecoin.

What Happened: The integrated service provider based in Shenzhen, China, said it is considering issuing shares of its common stock to fund the purchase of the digital assets. The company is in discussions with major Bitcoin and cryptocurrency holders but has not yet reached any agreement.

The purchase price for the Bitcoin and Trump coin could be around $800 million based on the current market valuation of the digital assets. The crypto holders are said to have deep knowledge and strong networks within the cryptocurrency community.

Addentax is planning to make a long-term investment in and hold the digital assets. The company aims to strengthen its financial position by acquiring the easily recognizable cryptocurrencies.

The company also hopes to bring in new shareholders with valuable experience in the cryptocurrency space.

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The company's CEO Hong Zhida said that the initiative supports Addentax's broader blockchain strategy by enabling potential acquisitions of digital assets such as Bitcoin and introducing strategic investors with expertise in the crypto ecosystem.

"We believe that established digital assets, which are easily bought and sold and have seen increasing interest from institutions, could become a stable part of our long-term holdings," said Zhida.

The company feels that owning these digital currencies will ensure its relevance as cryptocurrencies continue to rise in popularity and adoption globally.

Why It's Important: Addentax provides a range of services, including investment management, real estate development, and technology consulting. The company's shares are traded over-the-counter in the U.S.

The company's announcement comes as Bitcoin and other cryptocurrencies have soared in value in recent years. Bitcoin, in particular, has become a popular investment among institutions, who are attracted by its decentralized nature and potential for high returns.

However, the company did not respond to Benzinga's request for comment at the time of publication.