Hong Kong Investment Company Will Buy More Bitcoin
HK Asia Holdings Limited has expanded its Bitcoin holdings to nearly 9 Bitcoin, just a week after its initial Bitcoin purchase led to a sharp increase in its share price.
In a Feb. 23 announcement, the Hong Kong-based investment firm revealed that its board had approved an additional Bitcoin investment.
The company disclosed that on Feb. 20, it acquired approximately 7.88 BTC at a total cost of around $761,705.
The firm further stated that this latest Bitcoin purchase was funded using internal resources, bringing its total holdings to approximately 8.88 BTC.
The average purchase price per coin amounted to $97,021, with the total investment reaching roughly $861,500.
On Feb. 16, HK Asia initially purchased 1 BTC, which triggered a strong market reaction.
When trading resumed the next day, investors rushed to buy the company’s stock, driving its share price up nearly 93% by the close of trading on Feb. 17.
As of the lunch break on Feb. 24, HK Asia’s shares had risen by approximately 5.7% on the Hong Kong Stock Exchange, trading at around 6.66 Hong Kong dollars (86 cents), according to Google Finance.
If this price level holds, the company’s stock could close above its previous all-time high of 6.50 Hong Kong dollars (84 cents) from June 2019
So far this year, its share price has surged by 1,700%.
HK Asia’s move into Bitcoin aligns with a growing trend among publicly traded firms seeking to enhance their earnings by investing in the cryptocurrency.
Earlier this month, the company cited the “increasing popularity of cryptocurrencies in the commercial world” as a factor influencing its decision to purchase Bitcoin.
In its latest statement, HK Asia clarified that its Bitcoin acquisitions fall below the legal threshold requiring mandatory disclosure.
However, the company chose to share the information “on a voluntary basis.”
Bitcoin has remained relatively stable over the past 24 hours, declining by less than 1% to $95,537.
Since Feb. 5, it has remained below the psychologically significant $100,000 level and is currently down 12% from its Jan. 20 peak of $108,786, according to CoinGecko.
Sources:
https://cointelegraph.com/news/hk-asia-adds-bitcoin-after-board-approval
http://www.hkasiaholdings.com/hkasia/uploads/2025022300003.pdf