Speculation or foresight? A review of global corporate Bitcoin purchases in May

In May 2025, the narrative of Bitcoin as "digital gold" continues to heat up, with multiple enterprises worldwide announcing Bitcoin purchases or plans 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 through diverse financing methods, demonstrating the penetrative power of crypto assets in traditional industries. [The rest of the translation follows the same professional and precise approach, maintaining the original structure and details while translating into clear, fluent English.]

1. 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 explicitly mentioned Bitcoin's ability to protect against Indonesian rupiah depreciation risks.
2. MicroStrategy's Benchmark Effect: MicroStrategy's stock price surge of 220% by holding over 250,000 Bitcoins 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.
3. Improved 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 clearer, providing a compliance basis for businesses.
4. 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 MicroStrategy's stock price has been inflated by retail investor frenzy, far exceeding the actual value of its Bitcoin holdings.

Chanos's logic is blunt 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 duality of the Bitcoin trend. 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 frenzy 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: The Crossroads of Digital Gold

The Bitcoin investment boom in May 2025 is a global corporate collective experiment. 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 frenzy 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.