HK Asia Expands Bitcoin Holdings in Hong Kong Following Board Approval
Hong Kong-based investment holding company HK Asia has received board approval to expand its cryptocurrency holdings and plans to purchase more Bitcoin. According to an announcement on February 23, the company’s executive and non-executive directors approved the decision to increase Bitcoin investments, allowing HK Asia to acquire an additional 7.88 BTC. The purchase was made on February 20 through an open market cryptocurrency exchange, using funds from the company’s internal resources. The total cost of the acquisition was HK$5,936,906.26, equivalent to approximately $761,705.
This recent move follows HK Asia’s initial purchase of 1 BTC on February 16. With the latest acquisition, the company now holds a total of 8.88 BTC, obtained at an average price of $97,021 per coin.
HK Asia clarified that this transaction did not trigger any mandatory disclosure requirements under the rules of the Hong Kong Stock Exchange, as the investment remained below the 5% threshold that necessitates notification. The company voluntarily announced the purchase to keep shareholders informed of its growing interest in cryptocurrencies.
The market quickly responded to HK Asia’s foray into Bitcoin. After the company’s initial Bitcoin purchase, its stock price nearly doubled overnight. Following the recent announcement, shares experienced another boost, increasing by approximately 5.7% by midday on February 24.
HK Asia joins a growing list of publicly traded companies that are diversifying their assets and capitalizing on the long-term growth potential of Bitcoin by adding it to their balance sheets. StrategyandMetaPlanet are among the companies that have taken the lead in periodic Bitcoin investments.
Other companies have also made noteworthy Bitcoin purchases. On February 11, U.S.-based KURL Technology Group disclosed that it had added $10 million worth of BTC to its holdings, bringing its total to 610 BTC. Similarly, Japanese mobile game studio Gumi announced that its plan to purchase Bitcoin worth JPY 1 billion by May had been approved.
