ECNETNews reports that Hong Kong-based investment holding company HK Asia is intensifying its commitment to Bitcoin following board approval to expand its cryptocurrency portfolio.
In a recent announcement, HK Asia revealed that its board of directors has officially endorsed plans to increase Bitcoin investments, enabling the acquisition of an additional 7.88 BTC.
This latest purchase, executed on February 20 through a cryptocurrency exchange, was funded by the company’s internal resources, totaling approximately HK$5,936,906.26, equivalent to about $761,705.
This acquisition follows an initial purchase of 1 BTC on February 16, bringing HK Asia’s overall Bitcoin holdings to 8.88 BTC, acquired at an average price of $97,021 per coin.
HK Asia confirmed that this transaction did not meet the mandatory disclosure requirements set by the Hong Kong Stock Exchange, as the investment remained under the 5% threshold necessary for notification. The company chose to announce the acquisition voluntarily to keep shareholders updated on its growing cryptocurrency interests.
The market reacted swiftly to these developments. Following the announcement of its first Bitcoin purchase, HK Asia’s stock price surged nearly twofold overnight. After the latest news broke, shares experienced an additional boost, increasing by approximately 5.7% by midday on February 24.
HK Asia’s move aligns with a broader trend among publicly traded companies seeking to diversify assets and leverage the long-term growth potential of Bitcoin. Several firms, including Strategy and MetaPlanet, have similarly integrated Bitcoin into their balance sheets.
Moreover, on February 11, KURL Technology Group disclosed that it had added $10 million worth of BTC to its holdings, bringing its total to 610 BTC. Additionally, Japanese game developer Gumi announced plans to purchase Bitcoin worth JPY 1 billion by May.
