Hong Kong Asia Holdings Stock Soars 93% After Buying 1 BTC
Hong Kong Asia Holdings’ inventory worth almost doubled after the corporate introduced that it had purchased only one Bitcoin. The Hong Kong-based funding agency revealed on Feb. 16 that it acquired 1 BTC for about $96,150 (HK$750,000) utilizing inside funds.
Regardless of the small purchase, the inventory skyrocketed 93% to shut at HK$5.50 on Feb. 17, nearing its 2019 peak.
The corporate known as the transfer symbolic however a step towards integrating digital property into its monetary plans. They imagine Bitcoin is a dependable retailer of worth, particularly with financial uncertainty and inflation issues. Board member John Riggins stated this isn’t nearly shopping for Bitcoin however about setting a future imaginative and prescient for the corporate.
This funding comes proper after a significant management shakeup. A consortium led by UTXO Administration, Sora Ventures, Prime Legend SPC, and Allied Prime Investments lately took a majority stake in HK Asia Holdings. The board additionally welcomed new faces like David Bailey and John Riggins from BTC Inc. and Jason Fang, co-founder of Sora Ventures. Fang hinted that that is simply the beginning of larger issues forward.
HK Asia Holdings now joins the record of public firms betting on Bitcoin. Final month, Ming Shing’s subsidiary Lead Profit purchased 500 BTC for $47 million, however its inventory worth didn’t budge. In the meantime, Japan’s Metaplanet, usually known as “Asia’s MicroStrategy,” has seen its inventory soar over 3,900% in a 12 months after going all-in on Bitcoin.
HK Asia Holdings hasn’t revealed extra crypto plans but, however with a brand new management group and rising institutional Bitcoin adoption, this might simply be the start. The market has clearly taken discover.
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