Shares of Chinese Apparel Firm in Choppy Trading After Announcing $800,000,000 Bitcoin and Crypto Investment Strategy
Shares of a Chinese investment holding company have been volatile since the firm rolled out an $800 million Bitcoin (BTC) and crypto investment plan earlier this week.
On Thursday, the Shenzhen-based Addentax Group Corp. announced plans to issue shares of its common stock to buy 8,000 BTC and acquire undefined amounts of other crypto assets, including President Donald Trump’s official memecoin (TRUMP).
The firm’s shares, listed on the Nasdaq as ATXG, were priced at $0.72 before the announcement but quickly jumped to a high of $1.68 later that day.
The stock then promptly retraced and dipped even lower than its original price and is now trading at $0.61. ATXG is down nearly 9% in the past 24 hours and more than 20% in the…
