Chinese Firm May Spend $800 Million on Bitcoin and TRUMP

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Addentax Group, a Chinese international logistics firm, is negotiating the purchase of $800 million in cryptoassets such as Bitcoin and TRUMP. This may or may not be a play to negotiate tariffs, as another firm in this business did.The company’s press release did not mention any altcoins besides TRUMP. Whether Addentax finalizes this deal or not, it’s unclear what percentage of the $800 million will go to BTC or any other token.More Controversy Around the TRUMP Meme CoinSince China banned crypto mining in 2021, the industry has maintained a comparatively small presence in this economic powerhouse. Still, the nation has shown a few signs of loosening its restrictions. Addentax, one major Chinese conglomerate, is considering a massive investment in this space by purchasing tokens, including Trump’s meme coin.To be clear, Addentax is mostly aiming to buy Bitcoin. According to its press release, it’s in negotiations with unnamed token holders who hold around 8,000 BTC. This alone would represent an investment of $800 million, but Addentax is looking to diversify its potential holdings. However, the Chinese firm only listed TRUMP as an altcoin that it could purchase alongside BTC. Now, the announcement did have some insignificant impact on the meme coin’s price. TRUMP recovered to $13 after falling below $12.50 earlier today. Yet, it had a completely adverse impact on Addentax Group’s stock price. ATXG fell by over 8% since the announcement. Institutional investors seem not fond of the company’s decision to gain exposure to crypto. Addentax Group Stock Price. Source: Google FinanceMeanwhile, there are speculations that this purchase could be linked to the US-China trade deal. Addentax is in the logistics business, facilitating cross-border textile shipments worldwide. Naturally, Trump’s tariffs would significantly disrupt this business.Two weeks ago, one cross-border logistics firm already bought $20 million on TRUMP in an apparent bid to win a cutout. The President’s meme coin is already at the center of political corruption controversies, but that company might’ve made a smart bet. If a Chinese firm buys TRUMP, could that facilitate its own ability to overcome the tariffs?Addentax’s statement did not directly touch on these concerns in any way. It primarily mentioned Bitcoin and building institutional connections with “influential crypto holders.” Hong Zhida, the company’s CEO, described Addentax’s views on crypto in detail:“This initiative supports the Company’s broader blockchain strategy by... introducing strategic investors with experience in the crypto ecosystem. We believe that certain established digital assets may serve as a stable component of the Company’s long-term holdings, given their liquidity and increasing institutional interest over recent years,” he claimed.Still, it’s impossible to miss that a Chinese firm mentioned TRUMP and zero other altcoins whatsoever. If liquidity and institutional interest were the highest priorities, Addentax could’ve made the case for many other potential candidates. By investing millions in TRUMP, the firm could guarantee a way to keep its core business running smoothly while entering Web3. However, these assumptions remain part of the broader speculations surrounding one of the most controversial meme coins in the market’s history. DisclaimerIn adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.Source link