BEIJING (dpa-AFX) - Addentax Group Corp. (ATXG), a Chinese logistic service provider, said on Thursday that it is in talks with a number of Bitcoin and other cryptocurrency holders to acquire up to 8,000 Bitcoins, together with other cryptocurrencies, for a value of around $800 million.
While the company said it will issue shares for the proposed acquisition of Bitcoins, it is yet to ink any deal for this purpose.
ATXG aims to strengthen its balance sheet by acquiring highly-liquid and widely recognized digital assets, while also bringing in new shareholders with proven expertise in the cryptocurrency sector.
Hong Zhida, CEO of Addentax Group, said: 'This initiative supports the company's broader blockchain strategy by facilitating potential acquisitions of digital assets such as Bitcoin and 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.'
ATXG was up by 76.58 percent at $1.370 on the Nasdaq.
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