比特币投资繁荣于2025年5月：从瑞典健康技术到中国纺织巨头

2025年5月，比特币的叙述是“数字黄金”继续升温，世界上许多公司宣布购买或计划购买比特币

Author: Oliver, Mars Finance

作者：奥利弗，火星财务

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.

梅将比特币的叙述视为“数字黄金”继续升温，全球许多公司宣布购买或计划购买比特币，试图通过这项分散的资产来对冲通货膨胀，增加估值或重塑财务策略。从瑞典卫生技术公司到中国纺织巨头再到印尼金融科技公司，这些新参与者以各种融资方式进入了比特币市场，这表明了加密资产在传统行业中的渗透。

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集团AB（H100.ST）于5月25日宣布，它将通过一轮融资220万美元采用比特币储备战略，这使其成为瑞典的第一家上市公司，公开将比特币包括在资产负债表中。据Blockstream首席执行官Adam Back领导的融资，他亲自投资了约140万美元，其余80万美元来自多个投资机构。这些资金以0％的利率以可转换债券的形式注入，并计划购买约20.18个比特币。以及5月22日购买的4.39比特币，总持股量预计将达到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的融资结构非常创新：可转换债券将于2028年6月15日到期，在此期间，它们可以以1.3瑞典Kronor（约0.11美元）的价格转换为公司股票，如果股票价格连续60天上涨了33％以上，则该公司可以进行转换。这种设计降低了融资成本，同时为投资者提供了分享公司增长的机会。 H100表示​​，比特币代表“个人自治”的价值，并且与其健康技术任务一致。自5月22日宣布硬币购买计划以来，该市场热情地做出了反应，公司的股价上涨了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.

尽管H100的比特币持有量很小，并且仅占其资产负债表的一小部分，但亚当·贝克（Adam Back）的参与增添了信誉。作为比特币领域的先驱，Back促进了第2层技术和通过Blockstream开采的开发，他的认可可能会激发更多的欧洲公司效仿。 H100的策略更像是对水的谨慎测试，而不是完全转变，反映了中小型企业进入比特币市场的保守态度。

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）宣布了计划以100,000美元的平均价格购买5,000个比特币，总价值约为5亿美元，使其成为中国上市公司中比特币投资最大的公司。根据比特币杂志和X平台新闻的报道，DDC从事服装和物流业务，并计划通过额外的普通股发行筹集资金，以建立战略性的比特币储备。

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.

该计划很快引发了激烈的讨论。 X平台用户分析了DDC可能遵循MicroStrategy（NASDAQ：MSTR）的示例，以使用比特币投资来提高其股票价格，同时也对冲全球贸易不确定性。他们指出，由于其服装和物流业务，DDC面临着供应链成本和关税压力的增加，美元迅速折旧，使比特币在抗炎和价值转移中的作用变得越来越突出。此外，香港和中国等地区的加密资产的监管环境正在逐渐开放，为DDC提供了运营的空间。宣布购买计划后，DDC的股价在短期内上涨了约25％，显示了市场对其战略的初步认可。

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，购买5,000个比特币需要大量资金，发行额外的股票可能会稀释股东的权益。关于中国大陆加密货币的规定，仍然需要在合规框架内谨慎运作，仍然存在不确定性。尽管如此，其备受瞩目的布局可能会鼓励更多的亚洲公司加入比特币热潮，这将成为中国市场的重要指标。

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.

同样在5月16日，中国纺织品和物流公司Addentax（NASDAQ：ATXG）宣布了通过发行新股份购买多达8,000个比特币和其他加密货币的计划，总价值约为8亿美元。根据Addentax的决定，其决定是其从传统制造业转变为加密资产领域的尝试，试图增加其估值和市场关注。

Addentax's strategy is more radical than DDC

Addentax的策略比DDC更为激进