HK Asia's $96K Bitcoin buy triggers 93% stock surge
Shares of Hong Kong-based HK Asia Holdings Limited nearly doubled on February 17, following the firm's announcement that it had purchased one Bitcoin (CRYPTO:BTC).
The company acquired 1 BTC for approximately $96,150 (HK$750,000) on February 13, using internal funds.
The firm’s shares on the Hong Kong Stock Exchange closed up by nearly 93% to 5.50 Hong Kong dollars (71 cents), nearing its June 2019 peak.
HK Asia described the purchase as a strategic move to integrate digital assets and align with the evolving financial landscape.
The board views Bitcoin as "a dependable store of value" amid global economic uncertainty and fiat currency depreciation.
The company stated that this initial investment "is symbolic in scale and marks a significant step toward aligning with the evolving global financial landscape."
The purchase occurred shortly after a leadership overhaul, with UTXO Management, Sora Ventures, Top Legend SPC, and Allied Top Investments acquiring a majority stake.
New board members include David Bailey and John Riggins of BTC Inc., and Jason Fang of Sora Ventures.
HK Asia said the acquisition complies with listing rules.
Other companies have also invested in Bitcoin.
Ming Shing, a Hong Kong construction firm, bought 500 BTC for around $47 million, but its shares did not increase.
Conversely, Metaplanet, a Tokyo-based investment firm, has seen its shares jump over 3,900% since it started buying Bitcoin in April.
At the time of reporting, the Bitcoin (BTC) price was $96,283.40.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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