HK Asia Holdings Limited increases its Bitcoin assets, contributing to a significant rise in its stock value.
HK Asia's new investments
Hong Kong-based HK Asia announced its board approved further Bitcoin investments. On February 20, the firm purchased about 7.88 BTC totaling approximately $761,705, raising its total holdings to 8.88 BTC.
Company's stock rise post-Bitcoin purchase
After its initial 1 BTC purchase on February 16, HK Asia's shares surged nearly 93% on the reopening of the market. As of February 24, its shares rose another 5.7%, trading at 6.66 Hong Kong dollars on the Hong Kong Stock Exchange.
Trend development among companies
HK Asia's Bitcoin purchase aligns with the recent trend among public firms seeking revenue boosts through cryptocurrency. The company's purchases were below mandatory disclosure thresholds, but it chose transparency voluntarily, highlighting the growing popularity of cryptocurrencies.
HK Asia is actively advancing its cryptocurrency investments, reflecting the increasing interest in Bitcoin as a tool for enhancing liquidity and revenue among corporations.
