Chinese clothing firm dives into crypto chaos—what could possibly go wrong? 🚀💸

In a move that could only be described as “bold,” a Chinese apparel behemoth decided to wade into the tumultuous waters of Bitcoin and crypto investments, with all the grace of a drunken flamingo. The result? Shares that are more rollercoaster than yacht party.

Just this week, Shenzhen-based Addentax Group Corp—an outfit that usually deals in threads, logistics, property management, and subleasing—announced a daring plan to pump a staggering $800 million into Bitcoin, along with other mystical crypto creatures, including President Donald Trump’s official memecoin—because who doesn’t want a piece of that action?

Before the announcement, the company’s shares (ticker symbol: ATXG—because who doesn’t love a good alphabet soup?) languished at a humble $0.72. Then, as if struck by lightning or perhaps just a really good hype man, they skyrocketed to $1.68—twice as much, for those not counting. But reality, being the cruel mistress she is, promptly stepped in, and shares retreated faster than a cat from a cucumber, falling to a dismal $0.61. Currently, they’re down nearly 9% in just 24 hours and more than 20% over the past five days—proof that investing is almost as risky as arguing with a raccoon.

Interestingly, Addentax is no stranger to the game of building things—be it clothes, logistics, or the sort of property dealings that make real estate agents cry. Now, they’re chatting with some of the most prominent crypto whales—probably over coffee or perhaps something stronger—to secure their future digital treasure.

Hong Zhida, the company’s chief executive (a title that sounds more like a superhero alter ego than a corporate position), describes this chaos as part of their “broader blockchain strategy.” Because if there’s one thing that screams stability, it’s “broader” and “blockchain,” right?

Adding with the enthusiasm of someone who just found a dollar on the street, Zhida notes they believe “certain established digital assets,” which is corporate-speak for “We’re betting big on very dicey assets,” might serve as a “stable component” of their long-term holdings—because nothing says ‘long-term’ like riding the crypto rollercoaster while hoping you don’t vomit on the other riders.

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2025-05-17 23:01