HK Asia Increases Bitcoin Holdings Following Approval from Board of Directors in Hong Kong

Hong Kong-based investment holding company HK Asia has obtained board approval to expand its cryptocurrency holdings and plans to buy more Bitcoin. In a recent announcement on February 23, the company stated that its executive and non-executive directors have agreed to increase Bitcoin investments, allowing HK Asia to acquire an additional 7.88 BTC. This purchase was made on February 20 through an open market cryptocurrency exchange, using funds from the company’s internal resources. The total cost amounted to HK$5,936,906.26, equivalent to approximately $761,705.
This decision comes after HK Asia’s initial Bitcoin purchase on February 16, when the company acquired 1 BTC. With this latest acquisition, HK Asia now holds a total of 8.88 BTC, obtained at an average price of $97,021 per coin.
The company clarified that this transaction did not trigger any mandatory disclosure requirements under the rules of the Hong Kong Stock Exchange, as the investment remained below the threshold of 5% that necessitates notification. However, HK Asia voluntarily announced the purchase to keep shareholders informed about its growing interest in cryptocurrencies.
The market responded quickly to this news. Following the company’s initial Bitcoin purchase, its stock price nearly doubled overnight. After the latest announcement, the shares experienced another boost, rising by approximately 5.7% by midday on February 24.
HK Asia is now among a number of publicly traded companies that are adding Bitcoin to their balance sheets in order to diversify assets and enhance company earnings by taking advantage of its long-term growth potential. Companies such as Strategy and MetaPlanet have been at the forefront of this trend, making periodic Bitcoin investments.
On February 11, US-based KURL Technology Group disclosed its addition of $10 million worth of BTC to its holdings, bringing its total to 610 BTC. The day before, Japanese mobile game studio Gumi announced that its plan to purchase Bitcoin worth JPY 1 billion by May had been approved.