HK Asia's Bitcoin Bet Pays Off: Shares Surge 93%

Shares in Hong Kong-based investment firm HK Asia Holdings Limited surged by nearly 93% on February 17, following the company's announcement that it had purchased one Bitcoin. The firm disclosed the purchase in a February 16 announcement, stating that it had acquired the cryptocurrency for around $96,150 using its internal resources.

The company's shares on the Hong Kong Stock Exchange closed at 5.50 Hong Kong dollars (71 cents) on Monday, nearing its June 2019 peak of 6.50 Hong Kong dollars (84 cents). This significant increase in share price comes as the company joins a growing number of public companies that have purchased Bitcoin in recent months, aiming to bolster their company coffers.

HK Asia's board cited the increasing popularity of cryptocurrencies in the commercial world as a reason for the purchase. The firm believes that Bitcoin is a dependable store of value, particularly in the face of uncertainty in the global economy. The board also noted that government stimulus packages and increases in money supply are placing depreciation pressure on the value of fiat currencies.

The one Bitcoin purchase by HK Asia is symbolic in scale, marking a significant step towards aligning with the evolving global financial landscape. This move by the investment firm highlights the growing acceptance and integration of cryptocurrencies into mainstream finance.