Addentax Group Corp. Moves to Acquire Bitcoin
In a recent announcement, Addentax Group Corp. (NASDAQ: ATXG) has made a significant move towards acquiring a larger stash of Bitcoin. The company has secured a non-binding term sheet with a notable independent Bitcoin stakeholder, aiming to purchase as many as 12,000 bitcoins. This marks an increase from the earlier negotiation of 8,000 bitcoins, which was mentioned in a previous disclosure on May 15, 2025. If the deal goes through, the estimated total value of this acquisition, given the current market rates, is roughly $1.3 billion.
Acquisition Strategy and Next Steps
The acquisition strategy relies on issuing newly created common stock from Addentax as payment for the bitcoins. However, the agreement is still in its infancy, requiring further negotiation, the drafting of a binding contract, thorough due diligence, and standard regulatory approvals before it can be finalized. The details concerning the final quantity of bitcoins, the number of shares to be distributed, and pricing specifics will be established through ongoing discussions.
Future Implications
This planned acquisition follows earlier dialogues between Addentax and various independent Bitcoin holders. With this development, the company is on track to bolster its cryptocurrency portfolio significantly, pending the successful completion of the outlined conditions.
