HK Asia Boosts Bitcoin Holdings, Shares Surge

Hong Kong-based investment holding company HK Asia has expanded its Bitcoin holdings following board approval. The company's board of executive and non-executive directors approved plans to increase its cryptocurrency investments, leading to the purchase of an additional 7.88 BTC on Feb. 20 through an open market cryptocurrency exchange.

The acquisition was financed using proceeds from the Group's internal resources and cost HK$5,936,906.26, roughly $761,705. This move follows HK Asia's first Bitcoin purchase on Feb. 16, when the company bought 1 BTC. With the latest purchase, HK Asia's total Bitcoin holdings now stand at 8.88 BTC, acquired at an average price of $97,021 per coin.

The company clarified that the transaction did not trigger any mandatory disclosure requirements under Hong Kong Stock Exchange rules, as the investment remained below the 5% threshold required for notification. Instead, it was announced voluntarily to keep shareholders informed of its growing interest in cryptocurrencies.

The market reacted swiftly to the news. After the company's first Bitcoin buy, its stock price nearly doubled overnight. Following the latest announcement, shares saw another boost, climbing around 5.7% by midday on Feb. 24.

HK Asia joins a number of publicly traded firms adding Bitcoin to their balance sheets to diversify assets and boost company earnings by capitalizing on its long-term growth potential. Companies like Strategy and MetaPlanet have led the charge with periodic Bitcoin investments.

In recent weeks, other companies have also announced their intentions to invest in Bitcoin. On Feb. 11, U.S.-based KURL Technology Group disclosed adding $10 million worth of BTC to its holdings, bringing it to 610 BTC. A day prior, Japanese mobile game studio Gumi said a plan to purchase Bitcoin worth JPY 1 billion by May had been approved.