Hong Kong’s HK Asia expands Bitcoin holdings after board approval

The Hong Kong-based investment portfolio company, HK Asia, will buy more bitcoin after obtaining the approval of the board of directors to extend its assets in cryptocurrency.

According to a February 23 announcementThe company’s board of directors and non -executive administrators approved the plans to increase the company’s Bitcoin investments, allowing HK Asia to buy 7.88 additional BTC.

The acquisition, carried out on February 20 thanks to an outdoor cryptocurrency exchange, was funded using “the group’s internal resources product” and cost $ 5,936,906.26 HK, around $ 761,705.

This decision follows the first purchase of Bitcoin from HK Asia on February 16, when the company bought 1 BTC. With the latest purchase, Total Bitcoin Holdings of HK Asia is now 8.88 BTC, acquired at an average price of $ 97,021 per room.

The Company said that the transaction did not trigger any requirement for compulsory disclosure under the Hong Kong Stock Exchange Rules, because the investment has remained below the 5% threshold required for notification.

Rather, it has been voluntarily announced to hold the shareholders informed of its growing interest in cryptocurrencies, added HK Asia.

The market has not taken long to react. After the company’s first purchase of Bitcoin, its stock market has almost doubled overnight. After the last announcement, the actions saw another boost, climbing around 5.7% at noon on February 24.

HK Asia joins a certain number of listed companies adding Bitcoin to their balance sheets to diversify assets and increase the company’s profits by capitalizing on its long -term growth potential. Companies love Strategy And Metaplanet led the charge with periodic Bitcoin investments.

On February 11, the Kurl technological group based in the United States disclosed The addition of $ 10 million BTC dollars to its participations, bringing it to 610 BTC. A day before, the Japanese mobile game studio Gumi said that a Bitcoin purchase plan worth 1 billion JPY by May had been approved.