HK Asia Dives into Crypto: Buys 1 BTC, Stock Surges 92.98%

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Hong Kong-listed HK Asia Holdings has made its first foray into the cryptocurrency market, purchasing 1 Bitcoin (BTC) for approximately HK$750,000. The company framed this move as a strategic step towards integrating digital assets into its financial strategy. The purchase, made on Feb. 13, saw the company's stock price surge by 92.98% to close at HK$5.50.

The acquisition comes amidst a significant leadership overhaul at HK Asia Holdings. A consortium led by UTXO Management, Sora Ventures, Top Legend SPC, and Allied Top Investments recently took a majority stake in the company. The new board members include David Bailey and John Riggins of BTC Inc. and Sora Ventures co-founder Jason Fang.

Riggins commented on the Bitcoin purchase, stating, "This is more than a transaction; it's a bold step toward creating a vision for the future of the company." The company ensured that the acquisition complied with listing rules, keeping the transaction size below the 5% threshold required for HKEX disclosure.

The investment signals a shift in strategy under the new leadership, which aims to explore bitcoin investments, Web3 opportunities, and financial innovation. Fang noted, "Every journey begins with a single step. This first Bitcoin purchase signals a clear roadmap for what is to come in the coming months."

The company cited rising institutional adoption of Bitcoin, global economic uncertainty, and concerns over fiat currency depreciation as factors supporting the investment. Its new owners, including UTXO Management and Sora Ventures, played a key role in Japan's Metaplanet, often referred to as "Asia's MicroStrategy" for its Bitcoin-focused strategy.

While HK Asia Holdings did not disclose further plans for digital asset acquisitions, its new leadership is committed to evaluating digital assets' role in the company's financial future.