HK Asia Holdings Limited has expanded its Bitcoin holdings to nearly 9 BTC, following board approval for additional purchases. The Hong Kong-based investment firm acquired approximately 7.88 BTC on February 20, spending around $761,705. This comes after its initial 1 BTC purchase a week earlier, which significantly boosted its stock price.

The company financed its Bitcoin acquisition using internal resources, bringing its total investment in the asset to roughly $861,500. The firm emphasized its growing interest in digital assets amid increasing cryptocurrency adoption in the business world.

Following the Bitcoin purchases, HK Asia’s stock price surged by nearly 93% after its first acquisition and continued to rise by 5.7% on February 24. If the trend holds, the stock could surpass its all-time high from June 2019, reflecting strong investor confidence in the firm’s crypto strategy.

HK Asia voluntarily disclosed its Bitcoin acquisitions, even though they remained below the legal threshold requiring disclosure. This move aligns with a broader trend of publicly traded firms incorporating cryptocurrency into their asset holdings.

Singapore-based crypto mining hardware firm Bgin Blockchain has filed for a U.S. IPO, aiming to raise $50 million. In its SEC filing, the company outlined plans to offer nearly 60 million Class A shares and over 15 million Class B shares, with an application to list on Nasdaq under the ticker “BGIN.”

Bgin specializes in designing mining rigs focused on alternative cryptocurrencies like Kaspa, Alephium, and Radiant. The firm reported selling nearly 68,000 rigs in 2023 and 47,000 more in the first half of 2024. Additionally, it manages over 4,000 rigs for clients in Nebraska and Iowa while operating more than 33,000 rigs across the U.S.

The company’s financials indicate that most of its revenue initially came from cryptocurrency mining, but after launching its own mining machines in April 2023, hardware sales contributed over 85% of its earnings. The IPO funds will be used primarily to boost research and development efforts.

Bgin’s move aligns with a trend of crypto firms seeking public listings in the U.S., following similar plans from companies like eToro, BitGo, and Gemini. The IPO reflects growing interest in crypto mining and blockchain technology despite regulatory uncertainties.

Montana’s House of Representatives has voted against a bill that sought to establish Bitcoin as a state reserve asset. The legislation, House Bill No. 429, was defeated in a 41-59 vote, with concerns that it would allow risky speculation with taxpayer funds. The bill proposed creating a special revenue account for investing in Bitcoin, precious metals, and stablecoins that met a $750 billion market cap threshold.

Several lawmakers opposed the bill due to the volatility of cryptocurrencies. Representative Steven Kelly argued that such investments carried excessive risk, while Bill Mercer opposed giving the state’s investment board discretion over crypto and NFTs. Some lawmakers saw it as speculation rather than a sound financial strategy.

Supporters of the bill, including Representative Curtis Schomer, argued that not passing the measure would result in a loss of purchasing power for the state’s investment funds. Others, like Steve Fitzpatrick, suggested that investing in Bitcoin could generate returns for taxpayers and enable tax cuts. However, these arguments failed to sway the majority.

With this vote, the bill is effectively dead, and any effort to establish a Bitcoin reserve in Montana would need to be reintroduced in the legislature. Several U.S. states, including Utah and Texas, are actively pursuing similar legislation.