Written by: Oliver, Mars Finance
In May 2025, the narrative of Bitcoin as "digital gold" continues to heat up, with numerous global enterprises announcing the purchase or plan to purchase Bitcoin, 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 with 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 the execution of a Bitcoin reserve strategy through a financing round of $2.2 million, becoming the first listed company in Sweden to publicly incorporate Bitcoin into its balance sheet. According to Cointelegraph, this 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 a 0% interest convertible bond, planning to purchase around 20.18 BTC, and adding the 4.39 BTC previously purchased on May 22nd, the total holdings are expected to reach 24.57 BTC.
H100's financing structure is highly innovative: the convertible bond will mature on June 15, 2028, and can be converted into company shares at 1.3 Swedish kronor (about $0.11) per share, with the company able to force conversion if the stock price rises over 33% for 60 consecutive days. This design reduces financing costs while providing investors an opportunity to share in the company's growth. H100 states that Bitcoin represents the value of "individual autonomy," which aligns with its health tech mission. The market response has been enthusiastic, with the company's stock price rising over 40% since announcing the Bitcoin purchase plan on May 22nd.
Although H100's Bitcoin holdings are relatively small, occupying only a small portion of its balance sheet, Adam Back's participation adds credibility. As a pioneer in the Bitcoin field, Back has promoted Layer-2 technology and mining development through Blockstream, and his endorsement might encourage more European enterprises to follow suit. H100's strategy appears more like a cautious trial 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 rest of the text, maintaining the specified translations for specific terms]Macroeconomic Uncertainty: Global inflation, geopolitical tensions, and tariff policy uncertainties are driving companies to seek inflation-resistant assets. Bitcoin's fixed supply of 21 million and decentralized nature make it an ideal hedge against currency devaluation. For example, DigiAsia specifically mentioned Bitcoin's ability to protect against Indonesian rupiah depreciation risks.
MicroStrategy's Benchmark Effect: MicroStrategy's stock price surge of 220% by holding over 250,000 BTC has provided a template for other companies. Basel and DDC's additional Bitcoin purchase strategies are clearly inspired by this, attempting to replicate this successful path.
Improving Regulatory Environment: With the Trump administration, expectations of crypto-friendly policies have increased, such as proposing the establishment of a national Bitcoin reserve. Regulatory frameworks in Asian regions like Hong Kong and Singapore are becoming increasingly clear, providing a compliance basis for businesses.
Market Sentiment and Speculation: The sharp rise in H100 and DigiAsia stock prices demonstrates market enthusiasm for "Bitcoin concept stocks". Companies attract retail investor funds by prominently announcing Bitcoin purchase plans, driving rapid valuation increases in the short term.
Jim Chanos's Perspective: A Barometer of Speculation and Arbitrage
Wall Street's famous short seller Jim Chanos provides another perspective on this trend. According to CNBC, Chanos is simultaneously betting on Bitcoin while shorting MicroStrategy, attempting to capture market irrationality through arbitrage. He compares this trade to "buying Bitcoin at $1 and selling MicroStrategy stock at $2.5", believing that MicroStrategy's stock price has been inflated by retail investor frenzy, far exceeding the actual value of its Bitcoin holdings.
Chanos's logic is direct and sharp: MicroStrategy's stock price has surged 220% in the past year, far outpacing Bitcoin's 70% increase, indicating a valuation bubble. He further points out that some companies imitating MicroStrategy attract retail investor funds by prominently announcing Bitcoin investments, promoting the idea of "premium valuation", a model he considers "absurd" and unsustainable. Chanos's trade is not just a challenge to MicroStrategy's valuation, but also an insight into the entire crypto market's speculative ecosystem. He believes this strategy is not only a barometer of arbitrage but also an indicator of retail investor speculation.
Chanos's perspective reveals the two-sided nature of the Bitcoin boom. On one hand, corporate Bitcoin purchases reflect a recognition of Bitcoin's long-term value, especially against the backdrop of Trump's crypto-friendly policies and inflation expectations from tariffs. On the other hand, market sentiment's enthusiasm may obscure weak fundamentals, with some companies using Bitcoin investments as short-term speculation tools rather than rational decisions. Chanos's short strategy reminds investors to be wary of "Bitcoin concept stocks" valuation traps, especially when the market corrects, companies overly dependent on retail investor enthusiasm may face collapse risks.
Conclusion: Digital Gold at the Crossroads
The Bitcoin investment boom in May 2025 is a collective experiment by global corporations. From H100's cautious testing to Addentax's bold bet, and Chanos's Wall Street game, these stories weave a complex picture of the digital asset era. Companies seek breakthroughs through Bitcoin, investors balance between enthusiasm and rationality, and the market seeks direction amid volatility. This is not just a capital bet on "digital gold", but an exploration of the future financial system. At this crossroads, each decision could reshape the industry landscape or become a footnote to speculative bubbles.
