比特幣投資繁榮於2025年5月：從瑞典健康技術到中國紡織巨頭

2025年5月，比特幣的敘述是“數字黃金”繼續升溫，世界上許多公司宣布購買或計劃購買比特幣

Author: Oliver, Mars Finance

作者：奧利弗，火星財務

May saw the narrative of Bitcoin as “digital gold” continue to heat up, and many companies around the world announced the purchase or plan to purchase Bitcoin, trying to hedge inflation, increase valuations or reshape financial strategies through this decentralized asset. From Swedish health technology companies to Chinese textile giants to Indonesian fintech companies, these new players entered the Bitcoin market with a variety of financing methods, demonstrating the penetration of crypto assets in traditional industries.

梅將比特幣的敘述視為“數字黃金”繼續升溫，全球許多公司宣布購買或計劃購買比特幣，試圖通過這項分散的資產來對沖通貨膨脹，增加估值或重塑財務策略。從瑞典衛生技術公司到中國紡織巨頭再到印尼金融科技公司，這些新參與者以各種融資方式進入了比特幣市場，這表明了加密資產在傳統行業中的滲透。

Health tech firm H100 Group AB (H100.ST) announced on May 25 that it would be applying a Bitcoin reserve strategy through a round of financing of $2.2 million, making it the first listed company in Sweden to publicly include Bitcoin in its balance sheet. According to , the financing was led by Blockstream CEO Adam Back, who personally invested about $1.4 million, and the remaining $800,000 came from multiple investment institutions. The funds were injected in the form of convertible bonds with a 0% interest rate, and it is planned to purchase about 20.18 Bitcoins. Together with the 4.39 Bitcoins purchased on May 22, the total holdings are expected to reach 24.57 BTC.

健康科技公司H100集團AB（H100.ST）於5月25日宣布，它將通過一輪融資220萬美元採用比特幣儲備戰略，這使其成為瑞典的第一家上市公司，公開將比特幣包括在資產負債表中。據Blockstream首席執行官Adam Back領導的融資，他親自投資了約140萬美元，其餘80萬美元來自多個投資機構。這些資金以0％的利率以可轉換債券的形式註入，併計劃購買約20.18個比特幣。以及5月22日購買的4.39比特幣，總持股量預計將達到24.57 BTC。

H100's financing structure is quite innovative: the convertible bonds will expire on June 15, 2028, during which they can be converted into company shares at 1.3 Swedish kronor (about $0.11) per share, and if the stock price rises by more than 33% for 60 consecutive days, the company can force conversion. This design reduces financing costs while providing investors with the opportunity to share in the company's growth. H100 said that Bitcoin represents the values of "individual autonomy" and is consistent with its health technology mission. The market responded enthusiastically, and the company's stock price has risen by more than 40% since the announcement of the coin purchase plan on May 22.

H100的融資結構非常創新：可轉換債券將於2028年6月15日到期，在此期間，它們可以以1.3瑞典Kronor（約0.11美元）的價格轉換為公司股票，如果股票價格連續60天上漲了33％以上，則該公司可以進行轉換。這種設計降低了融資成本，同時為投資者提供了分享公司增長的機會。 H100表示​​，比特幣代表“個人自治”的價值，並且與其健康技術任務一致。自5月22日宣布硬幣購買計劃以來，該市場熱情地做出了反應，公司的股價上漲了40％以上。

Although H100's Bitcoin holdings are small and only account for a small part of its balance sheet, Adam Back's participation adds credibility to it. As a pioneer in the Bitcoin field, Back has promoted the development of Layer-2 technology and mining through Blockstream, and his endorsement may inspire more European companies to follow suit. H100's strategy is more like a cautious test of the waters than a full transformation, reflecting the conservative attitude of small and medium-sized enterprises to enter the Bitcoin market.

儘管H100的比特幣持有量很小，並且僅佔其資產負債表的一小部分，但亞當·貝克（Adam Back）的參與增添了信譽。作為比特幣領域的先驅，Back促進了第2層技術和通過Blockstream開采的開發，他的認可可能會激發更多的歐洲公司效仿。 H100的策略更像是對水的謹慎測試，而不是完全轉變，反映了中小型企業進入比特幣市場的保守態度。

On May 16, DDC Enterprise (603724.SS) announced plans to purchase 5,000 bitcoins at an average price of $100,000, for a total value of about $500 million, making it the company with the largest bitcoin investment among listed companies in China. According to Bitcoin Magazine and X Platform News, DDC is engaged in clothing and logistics businesses and is planning to raise funds through additional common stock issuance to build a strategic bitcoin reserve.

5月16日，DDC Enterprise（603724.ss）宣布了計劃以100,000美元的平均價格購買5,000個比特幣，總價值約為5億美元，使其成為中國上市公司中比特幣投資最大的公司。根據比特幣雜誌和X平台新聞的報導，DDC從事服裝和物流業務，併計劃通過額外的普通股發行籌集資金，以建立戰略性的比特幣儲備。

The plan quickly sparked heated discussions. X Platform users analyzed that DDC may be following the example of MicroStrategy (NASDAQ:MSTR) in using bitcoin investment to push up its stock price while also hedging against global trade uncertainties. They noted that DDC is facing increasing supply chain costs and tariff pressures due to its garment and logistics businesses, and the U.S. dollar is rapidly depreciating, making bitcoin's role in anti-inflation and value-transfer is becoming increasingly prominent. In addition, the regulatory environment for crypto assets in regions such as Hong Kong and China is gradually opening up, providing DDC with room for operation. After announcing the purchase plan, DDC's stock price rose by about 25% in the short term, showing the market’s initial recognition of its strategy.

該計劃很快引發了激烈的討論。 X平台用戶分析了DDC可能遵循MicroStrategy（NASDAQ：MSTR）的示例，以使用比特幣投資來提高其股票價格，同時也對沖全球貿易不確定性。他們指出，由於其服裝和物流業務，DDC面臨著供應鏈成本和關稅壓力的增加，美元迅速折舊，使比特幣在抗炎和價值轉移中的作用變得越來越突出。此外，香港和中國等地區的加密資產的監管環境正在逐漸開放，為DDC提供了運營的空間。宣布購買計劃後，DDC的股價在短期內上漲了約25％，顯示了市場對其戰略的初步認可。

However, the purchase of 5,000 bitcoins requires huge amounts of money, and issuing additional shares may dilute shareholders' equity. There is still uncertainty about the regulation of cryptocurrencies in mainland China, and DDC needs to operate cautiously within the compliance framework. Nevertheless, its high-profile layout may encourage more Asian companies to join the bitcoin craze, and it will become an important indicator of the Chinese market.

但是，購買5,000個比特幣需要大量資金，發行額外的股票可能會稀釋股東的權益。關於中國大陸加密貨幣的規定，仍然需要在合規框架內謹慎運作，仍然存在不確定性。儘管如此，其備受矚目的佈局可能會鼓勵更多的亞洲公司加入比特幣熱潮，這將成為中國市場的重要指標。

Also on May 16, Chinese textile and logistics company Addentax (NASDAQ: ATXG) announced plans to purchase up to 8,000 bitcoins and other cryptocurrencies, with a total value of approximately $800 million, through the issuance of new shares. According to , Addentax's decision marks its attempt to transform from traditional manufacturing to the field of crypto assets, attempting to increase its valuation and market attention.

同樣在5月16日，中國紡織品和物流公司Addentax（NASDAQ：ATXG）宣布了通過發行新股份購買多達8,000個比特幣和其他加密貨幣的計劃，總價值約為8億美元。根據Addentax的決定，其決定是其從傳統製造業轉變為加密資產領域的嘗試，試圖增加其估值和市場關注。

Addentax's strategy is more radical than DDC

Addentax的策略比DDC更為激進