HK Asia Expands Cryptocurrency Holdings with Additional Bitcoin Purchase

Hong Kong-based investment holding company HK Asia has announced its intention to buy more Bitcoin after securing board approval to expand its cryptocurrency holdings. The move follows the company’s first Bitcoin purchase on February 16, when it bought 1 BTC.

According to a recent announcement, HK Asia’s board of executive and non-executive directors approved plans to increase the company’s Bitcoin investments, allowing it to purchase an additional 7.88 BTC. The acquisition was made on February 20 through an open market cryptocurrency exchange and was financed using proceeds from the company’s internal resources, costing HK$5,936,906.26, roughly $761,705.

HK Asia’s Growing Interest in Cryptocurrencies

With the latest purchase, HK Asia’s total Bitcoin holdings now stand at 8.88 BTC, acquired at an average price of $97,021 per coin. The company clarified that the transaction did not trigger any mandatory disclosure requirements under Hong Kong Stock Exchange rules, as the investment remained below the 5% threshold required for notification.

Instead, the announcement was made voluntarily to keep shareholders informed of its growing interest in cryptocurrencies. This move is part of a larger trend of publicly traded firms adding Bitcoin to their balance sheets to diversify assets and boost company earnings by capitalizing on its long-term growth potential.

Market Reaction and Industry Trends

The market reaction to HK Asia’s Bitcoin purchases has been significant. After the company’s first Bitcoin buy, its stock price nearly doubled overnight. Following the latest announcement, shares saw another boost, climbing around 5.7% by midday on February 24.

HK Asia joins a number of companies that have made similar moves, including Strategy and MetaPlanet, which have led the charge with periodic Bitcoin investments. Other notable examples include:

  • U.S.-based KURL Technology Group, which disclosed adding $10 million worth of BTC to its holdings, bringing it to 610 BTC.
  • Japanese mobile game studio Gumi, which approved a plan to purchase Bitcoin worth JPY 1 billion by May.

For more news on the latest developments in the cryptocurrency market, visit Global Crypto News.

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