Addentax Plans to Acquire Up to $800 Million in Crypto Through Stock Issuance; Shares Rise

Addentax Group said Thursday it is in discussions with major cryptocurrency holders to acquire up to 8,000 bitcoins and other cryptocurrencies valued at nearly $800 million, through the issuance of common shares. No definitive agreement has been reached, the company said. The Shenzhen, China-based company said it "aims to strengthen its balance sheet by acquiring highly-liquid and widely recognized digital assets, while also bringing in new shareholders with demonstrated experience and expertise in the cryptocurrency sector."Addentax shares were 52% higher at about $1.19 in recent trading.