Actions of the Chinese clothing company in Sockpy Trading after announcing $ 800,000,000 Bitcoin and Crypto Investment Strategy
The shares of a Chinese investment portfolio company have been volatile since the company has deployed an investment plan of $ 800 million Bitcoin (BTC) and crypto earlier this week.
Thursday, the Addentax Group Corp. De Shenzhen, based in Shenzhen. announcement plans to issue actions of its ordinary actions to buy 8,000 BTC and acquire undefined amounts from other cryptographic assets, in particular the official same official of President Donald Trump (Trump).
The company's actions, listed at the NASDAQ as ATXG, were at a price of $ 0.72 before the announcement, but quickly jumped at a summit of $ 1.68 later in the day.
The stock then quickly traced and dropped even lower than its original price and is now negotiated at $ 0.61. ATXG is down almost 9% in the past 24 hours and more than 20% in the last five days.
Addentax specializes in the manufacture of clothing, logistics services, real estate management and sublet.
The company notes that it was in discussions “with a number of substantial and influential bitcoins and other cryptocurrency holders” to facilitate future acquisitions.
The CEO of Addentax, Hong Zhida, affirms that investments are part of the “wider strategy of the blockchain” of the company.
“We believe that some established digital assets can serve as a stable component of the company's long -term assets, given their increasing liquidity and institutional interest in recent years.”
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