HK Asia Holdings’ Stock Surges 93% After Buying Just 1 Bitcoin

• HK Asia Holdings’ stock soared 93% after disclosing a 1 BTC purchase.
• New leadership plans to explore Bitcoin, Web3, and financial innovation.

Shares of HK Asia Holdings Limited surged nearly 93% on Feb. 17 after the firm disclosed its purchase of one Bitcoin for $96,150 on Feb. 13. The Hong Kong-based investment firm used internal resources to finance the purchase, calling it a symbolic but strategic step toward digital asset integration.

Despite the small investment, the company’s stock price jumped to HK$5.50 ($0.71), nearing its June 2019 peak of HK$6.50 ($0.84). The firm cited the growing institutional adoption of Bitcoin, global economic uncertainty, and fiat currency depreciation as reasons for the move.

Leadership Overhaul and New Strategy

HK Asia’s Bitcoin purchase follows a major leadership shift. A consortium led by UTXO Management, Sora Ventures, Top Legend SPC, and Allied Top Investments recently acquired a majority stake in the firm. The new board includes David Bailey and John Riggins of BTC Inc., along with Sora Ventures co-founder Jason Fang.

Riggins stated that this purchase is “more than a transaction; it’s a bold step toward the company’s future vision.” Fang added, “Every journey begins with a single step. This Bitcoin purchase signals a clear roadmap for what’s ahead.”

HK Asia joins a growing list of public firms investing in Bitcoin. However, not all companies see the same market response. Ming Shing Holdings, a Hong Kong construction firm, announced last month that its subsidiary Lead Benefit had bought 500 BTC for $47 million. Yet, its stock remained unchanged and has dropped 40% this year.

Meanwhile, Japan’s Metaplanet has seen its stock soar 3,900% since it started accumulating Bitcoin in April 2023. The firm recently purchased an additional 269.4 BTC on Feb. 17, bringing its total holdings to 2,031.5 BTC ($194.7 million).

The firm’s new leadership is exploring Web3 opportunities and financial innovation. While the company has not disclosed further digital asset plans, its investors played a key role in Metaplanet’s Bitcoin-focused strategy.

Highlighted Crypto News Today
Ethereum (ETH) Price at a Crossroads as February Comes to a Close