BitMax, a South Korean company, saw its stock price surge by a remarkable 420% after transitioning from an augmented reality (AR) firm to a virtual asset investment company. This transformation involved significant Bitcoin (BTC) purchases via convertible bond issuance. However, according to Chosun Biz, this strategy may be backfiring. While the "Bitcoin theme stock" approach boosted BitMax's stock price, the interest payments on those convertible bonds (around 4.5 billion KRW annually) outweigh the revenue generated from their Bitcoin holdings (approximately 2.7 billion KRW). This raises questions about the sustainability of BitMax's strategy. Was the Bitcoin investment solely intended to artificially inflate the stock price, as some suggest? While the initial surge was impressive, BitMax now faces the challenge of generating sufficient returns from its crypto investments to justify the cost. The future success of BitMax hinges on navigating the volatile crypto market and finding a more profitable strategy. ```

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