Bitcoin Adoption in China: Corporate Risk Appetite and Regulatory Resilience in 2025
In 2025, China's regulatory stance on cryptocurrencies remains one of the most restrictive globally, with the People's Bank of China (PBOC) enforcing a comprehensive ban on trading, mining, and private ownership of digital assets [1]. Despite these stringent policies, corporate BitcoinBTC-- adoption in the country has shown surprising resilience, driven by macroeconomic uncertainties and strategic treasury management. This article examines how Chinese corporations are navigating the regulatory landscape, the risk appetite shaping their Bitcoin strategies, and the potential for future policy shifts.
Corporate Adoption: A Cautious Yet Strategic Move
While the mainland enforces a crypto ban, companies like Jiuzi Holding and Next Technology Holding have emerged as notable Bitcoin adopters. Jiuzi HoldingJZXN--, a publicly traded electric vehicle firm, announced a $1 billion cryptocurrency reserve in Q3 2025, allocating funds to Bitcoin, EthereumETH--, and Binance Coin as part of a structured risk framework [2]. This move positions Bitcoin as a long-term hedge against inflation and currency depreciation, reflecting a broader trend of corporations treating digital assets as strategic reserves rather than speculative bets.
Similarly, Next Technology Holding, identified as China's largest public company holding Bitcoin, has amassed 5,833 BTC (valued at $671.8 million) and plans to raise $500 million via a stock sale to expand its crypto treasury [3]. If successful, its holdings could surpass 8,000 BTC, making it the 15th-largest corporate Bitcoin holder globally. These examples underscore a growing willingness among Chinese firms to explore Bitcoin as a tool for diversification, even amid regulatory ambiguity.
Risk Management Under Strict Regulations
Chinese corporations managing Bitcoin holdings operate in a legal gray area, relying on offshore operations and compliance-driven strategies. For instance, JiuziJZXN-- Holding does notNOT-- self-custody its crypto assets but partners with third-party custodians deemed secure, while its CFO leads a dedicated Crypto Asset Risk Committee to oversee governance and reporting [2]. This approach mirrors global best practices, where firms like MicroStrategy and Marathon Digital use Bitcoin as a treasury reserve asset, aligning with fair-value accounting to reflect unrealized gains and losses on balance sheets [4].
Offshore strategies are also critical. Companies such as DDC Enterprise and Addentax have leveraged Hong Kong's crypto-friendly regulations to establish Bitcoin reserves, with Addentax planning to purchase $800 million in digital assets through share issuances [5]. These firms navigate mainland restrictions by operating through international subsidiaries, highlighting the role of Hong Kong as a potential testing ground for future policy shifts.
Regulatory Resilience and Future Outlook
China's regulatory framework prioritizes centralization of financial control, promoting the state-backed digital yuan (e-CNY) as an alternative to decentralized assets [1]. By 2025, the e-CNY has served 261 million users and processed $13.8 billion in transactions, signaling its growing integration into the economy [6]. However, the government's own enforcement actions—such as liquidating confiscated Bitcoin via offshore markets—reveal a pragmatic approach to managing digital assets, even as it suppresses private ownership [7].
The likelihood of a policy reversal remains low, with market expectations pegging the chance of a Bitcoin ban lift at just 2% [8]. Yet, Hong Kong's licensing of crypto exchanges and cross-border initiatives suggest a possible divergence in regulatory philosophy. If the mainland follows suit, it could unlock new opportunities for corporate Bitcoin adoption, particularly for firms with global exposure.
Implications for Investors
For investors, the interplay between corporate risk appetite and regulatory resilience in China presents both opportunities and challenges. While the mainland's strict policies limit direct participation, offshore strategies and Hong Kong's regulatory flexibility offer alternative pathways. Companies like Jiuzi and Next TechnologyNXTT-- demonstrate that Bitcoin can serve as a hedge against macroeconomic risks, but their success hinges on navigating compliance hurdles and geopolitical uncertainties.
As global regulatory clarity improves—exemplified by the U.S. GENIUS Act and Europe's MiCA—Chinese corporations may increasingly explore crypto integration, particularly in cross-border transactions. However, investors must remain cautious, as regulatory tightening or geopolitical tensions could disrupt these strategies.
Conclusion
China's corporate Bitcoin adoption in 2025 reflects a delicate balance between regulatory constraints and strategic financial innovation. While the mainland's crypto ban persists, firms are leveraging offshore operations and Hong Kong's crypto-friendly environment to manage risk and diversify reserves. As the global crypto landscape evolves, the resilience of these strategies—and the potential for regulatory shifts—will shape the future of Bitcoin adoption in one of the world's most influential markets.
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