Ming Shing Group, a Hong Kong-based construction giant, has announced the purchase of 4,250 Bitcoins worth $482.9 million, which will secure its position among the world's largest corporate Bitcoin holders.
Acquisition of 4,250 BTC
Ming Shing Group has agreed to acquire 4,250 BTC from Winning Mission Group, registered in the British Virgin Islands. The deal, amounting to $482.9 million, will be executed through convertible promissory notes and stock warrants, reflecting the company's long-term strategy to enhance shareholder value.
Deal Terms
The transaction involves a third party named Rich Plenty Investment Limited, which will receive half the value of the deal. Both Winning Mission Group and Rich Plenty Investment Limited will receive a convertible note worth over $241 million and a warrant to purchase over 200 million shares of Ming Shing Group. The promissory notes will have a 10-year maturity.
Market Position of Bitcoin
Following the completion of the deal, Ming Shing Group will increase its Bitcoin holdings to 5,083, placing it 16th among corporate Bitcoin holders globally. Currently, the company holds 833 BTC, ranking it 45th. Recent data indicates that 14 new companies have started acquiring Bitcoin in the last 30 days, increasing the total number of public companies holding BTC to 297.
The Ming Shing Group transaction highlights the growing interest of the corporate sector in Bitcoin as a means of capital growth and shareholder value creation.
