The shares of an investment holding firm in China have fluctuated since it announced a $800,000,000 Bitcoin (BTC), and crypto investment program earlier this week.
Addentax Group Corp., based in Shenzhen, announced on Thursday that it would be issuing shares of its stock to purchase 8,000 BTC, and undefined amounts other crypto assets including the official memecoin of President Donald Trump (TRUMP).
Shares of the company, ATXG listed on Nasdaq, had been priced at $0.72 prior to the announcement, but soon jumped up to $1.68 by the end of the day.
Stocks then retraced their steps and dropped even further than the original price, and are now trading for $0.61. ATXG has dropped nearly 9% over the last 24 hours, and by more than 20 percent in the previous five days.
Addentax is a specialist in the garment industry, logistic services, and property management.
It notes that it is in talks “with many influential Bitcoin holders and mainstream crypto-currencies” about the acquisitions.
Hong Zhida, chief executive of Addentax, says that the investment is part of “a broader blockchain strategy” for the company.
“We think that some established digital assets could serve as stable holdings for the company, due to their liquidity and growing institutional interest in recent years.”
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The post Chinese Apparel Firm Shares in Choppy Trading after Announcing $800,000,000 Bitcoin Investment Strategy might be updated as new information becomes available.
