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.
