Author: Oliver, Mars Finance
Original Title: Speculation or Foresight? A Comprehensive Overview of Global Corporate Bitcoin Purchases in May 2025
In May 2025, the narrative of Bitcoin as "digital gold" continues to heat up, with multiple global enterprises announcing Bitcoin purchases or plans, attempting to hedge against inflation, enhance valuation, or reshape financial strategies through this decentralized asset. From Swedish health tech companies to Chinese textile giants and Indonesian fintech enterprises, these new players are entering the Bitcoin market through diverse financing methods, demonstrating the penetrative power of crypto assets in traditional industries.
Overview of Corporate Bitcoin Investments
The following table summarizes the Bitcoin investment plans of five newly added enterprises in May 2025:
1. H100 Group AB: Pioneer of Bitcoin Reserves in Swedish Health Tech
Swedish health tech company H100 Group AB announced on May 25th executing a Bitcoin reserve strategy through a $2.2 million financing round, becoming the first listed company in Sweden to publicly incorporate Bitcoin into its balance sheet. According to Cointelegraph, the financing was led by Blockstream CEO Adam Back, who personally invested approximately $1.4 million, with the remaining $800,000 coming from multiple investment institutions. The funds were injected through 0% interest convertible debt, planning to purchase around 20.18 BTC, and adding the 4.39 BTC previously bought on May 22nd, the total holdings are expected to reach 24.57 BTC.
H100's financing structure is highly innovative: the convertible debt will mature on June 15, 2028, and can be converted into company shares at 1.3 Swedish kronor (about $0.11) per share, with a mandatory conversion clause if the stock price rises over 33% for 60 consecutive days. This design reduces financing costs while providing investors an opportunity to share the company's growth. H100 states that Bitcoin represents the value of "individual autonomy", aligning with its health tech mission. The market response has been enthusiastic, with the company's stock price rising over 40% since announcing the purchase plan on May 22nd.
Although H100's Bitcoin holdings are small, occupying only a fraction of its balance sheet, Adam Back's involvement adds credibility. As a Bitcoin pioneer who has promoted Layer-2 technology and mining development through Blockstream, his endorsement might encourage more European enterprises to follow suit. H100's strategy appears more like cautious exploration rather than a comprehensive transformation, reflecting the conservative attitude of small and medium-sized enterprises entering the Bitcoin market.
[The translation continues in the same manner for the remaining sections, maintaining the specified translations for specific terms]The plan of 10,000 BTC poses high requirements for Basel's financial structure. Increased share issuance may lead to equity dilution, and BTC's high volatility could affect balance sheet stability. Singapore's cryptocurrency regulation is relatively strict, and Basel needs to ensure compliance. Nevertheless, its bold layout demonstrates the ambition of Asian enterprises during the BTC boom, potentially triggering a chain reaction in the medical industry.
Driving Factors of the Boom
The BTC investment boom in May 2025 was driven by multiple factors, reflecting complex global corporate and market dynamics:
Macroeconomic Uncertainty: Global inflation, geopolitical tensions, and tariff policies have prompted companies to seek inflation-resistant assets. BTC's fixed supply of 21 million and decentralized nature make it an ideal hedge against currency depreciation. For instance, DigiAsia explicitly mentioned BTC's ability to mitigate Indonesian rupiah depreciation risks.
MicroStrategy's Benchmark Effect: MicroStrategy's stock price surge of 220% by holding over 250,000 BTC provided a template for other enterprises. Basel and DDC's share issuance and BTC purchasing strategies were clearly inspired, attempting to replicate this successful path.
Improving Regulatory Environment: With the Trump administration's potential return, crypto-friendly policies are expected, such as proposing a national BTC reserve. Regulatory frameworks in Asian regions like Hong Kong and Singapore are becoming increasingly clear, providing a compliance basis for enterprises.
Market Sentiment and Speculation: H100 and DigiAsia's stock price surges demonstrate market enthusiasm for "BTC concept stocks". Companies attract retail investor funds by dramatically announcing BTC purchasing plans, driving rapid short-term valuation increases.
Jim Chanos's Perspective: A Barometer of Speculation and Arbitrage
Wall Street's renowned short-seller Jim Chanos offers another perspective on this boom. According to CNBC, Chanos is simultaneously betting on BTC while shorting MicroStrategy, attempting to capture market irrationality through arbitrage. He metaphorically describes this trade as "buying BTC at $1 and selling MicroStrategy stock at $2.50", believing MicroStrategy's stock is inflated by retail investor frenzy, far exceeding its BTC holdings' actual value.
Chanos's logic is blunt and sharp: MicroStrategy's stock price rose 220% in the past year, far outpacing BTC's 70% increase, indicating a valuation bubble. He further points out that some companies emulating MicroStrategy attract retail investor funds by dramatically announcing BTC investments, promoting the idea of "premium valuation", a model he considers "absurd" and unsustainable. Chanos's trade targets not just MicroStrategy's valuation challenges but provides insight into the entire crypto market's speculative ecosystem. He views this strategy as both an arbitrage barometer and an indicator of retail investor speculation.
Chanos's perspective reveals the two-sided nature of the BTC boom. On one hand, corporate BTC purchases reflect recognition of BTC's long-term value, especially against the backdrop of Trump's crypto-friendly policies and inflation expectations from tariff policies. On the other hand, market sentiment's frenzy might obscure weak fundamentals, with some companies using BTC investments as short-term hype tools rather than rational decisions. Chanos's short strategy reminds investors to be wary of "BTC concept stocks" valuation traps, especially during market corrections, where companies overly dependent on retail investor enthusiasm might face collapse risks.
Conclusion: Digital Gold at the Crossroads
The May 2025 BTC investment boom is a global corporate collective experiment. From H100's cautious testing to Addentax's bold gamble, and Chanos's Wall Street game, these stories weave a complex landscape of the digital asset era. Enterprises seek breakthroughs through BTC, investors balance between frenzy and rationality, and markets seek direction amid volatility. This is not just capital's bet on "digital gold" but an exploration of future financial systems. At this crossroads, each decision might reshape industry patterns or become a footnote to speculative bubbles.
