Moon Inc. (HKEX: 1723), formerly HK Asia Holdings Limited, has raised approximately US$8.8 million through new shares and convertible notes and will roll out a Bitcoin prepaid card across Asia, positioning a Hong Kong-listed issuer on the retail cash rails.
The company secured approximately HK$65.5 million through a private placement, combining the allocation of new shares with convertible bonds that increase balance sheet flexibility for distribution and product development.
The company describes the program as the first instance of a Hong Kong listed company selling Bitcoin via prepaid cards to customers around the world, aligning its listed status with an on-ramp model that inserts Bitcoin purchases at the point of retail top-up and checkout, rather than at a centralized exchange, according to a company announcement on Oct. 22.
The structure combines equity and debt to finance operational rollout, including channel expansion in Thailand and South Korea and product localization to suit prepaid distribution. The company said it is also evaluating Taiwan, Japan and Vietnam for next phases, in line with its core model of wholesale prepaid telecom products in the tourism and migrant corridors.
That model, defined in the previous one reports The bulk distribution of SIM cards and stored value vouchers across thousands of retail properties provides immediate reach in cash-first segments where card penetration and bank onboarding remain uneven.
By embedding the purchase, storage and transfer of Bitcoin into a trusted top-up workflow, Moon Inc. aims to. convert existing prepaid flows into incremental BTC acquisition without forcing a new wallet setup on the first step, a design that aims to reduce exit KYC and UX bottlenecks.
The financing mechanism determines the short-term operational scope.
According to the HKEX revelationThe placement included 3,272,000 subscription shares for HK$4.01 and convertible notes for a total amount of HK$52.38 million, which together indicate a phased implementation approach scaling inventory, compliance and liquidity arrangements by market.
The company described the increase as support for a Pan-Asian expansion of a Bitcoin-enabled prepaid card, leveraging wholesale relationships and local partners for distribution at convenience stores, kiosks and telecom stores, according to the Oct. 22 announcement.
CEO John Riggins said the program reflects investors’ confidence in Hong Kong’s role as a gateway for regulated innovation in digital assets and Moon Inc.’s assets. to connect traditional capital markets to the Bitcoin economy, a point that links the placement to governance standards for publicly traded companies and recurring disclosure cycles.
Performance and treasury data provide context for execution risk and runway. According to Moon Inc.’s FY2025 report. revenue totaled HK$189.6 million, gross profit HK$43.3 million and net profit HK$1.8 million, with a cryptocurrency impairment of approximately HK$1.3 million recorded on March 31 due to changes in the fair value of Bitcoin holdings.
The company disclosed total Bitcoin purchases that brought its holdings to approximately 28.88 BTC as it transitioned from a pure telecom voucher distributor to a publicly traded vehicle with a Bitcoin treasury component.
Stock market facts show a wide 52-week trading range and a market capitalization of almost HK$1.3 to 1.4 billion, reflecting volatility around the pivot and subsequent placements. These numbers point to a company that must balance prepaid unit economics, customer acquisition costs in retail channels, and liquidity sources for Bitcoin settlement, while maintaining reporting discipline as a publicly traded issuer.
Distribution, compliance and costs will determine whether prepaid card rails convert into sustainable Bitcoin inflows. Retail partners in Thailand and South Korea typically optimize shelf space for high-velocity SKUs priced for cash buyers, meaning initial purchase limits, top-ups and fee schedules must fit impulse purchasing patterns, while still covering exchange rate spreads, issuance fees and fraud controls.
Cross-border remittance corridors create another path to utilities if the prepaid card allows smooth transfers or withdrawals on local rails, although conversion to local currency and compliance with travel rules will determine transit.
Liquidity sourcing also matters, as inventorying BTC for immediate delivery at the point of sale carries a timing risk between customer purchase and hedging or filling, especially if redemptions and transfers are possible within the same retail session.
These operational limitations are common among consumers, but the prepaid channel adds scale from day one because the distribution already exists, which is the key strategic bet that Moon Inc. do.
A publicly traded company’s wrapper changes the frequency of disclosure surrounding that bet. Proceeds from the placement and subsequent milestones will appear in HKEX announcements, allowing investors to track the rollout by geography, channel and unit throughput, rather than relying on ad hoc marketing updates.
That structure could provide clearer comparisons for other Asian-listed consumer companies that could explore Bitcoin-linked stored value products, especially where existing distribution footprints overlap with the target demographics for retail BTC exposure.
Recognition by a local business publication was cited by the company as a reputational mark for its prepaid Bitcoin initiative, although execution data including card activations, average load size and transfer completion rates will carry more weight as markets go live, according to the company announcement.
The telecom-adjacent history of Moon Inc. forms the basis for the launch.
The company’s core business focuses on wholesale and retail prepaid telecommunications products in Hong Kong, serving domestic workers, travelers and tourists, which closely aligns with the audience that is likely to test a Bitcoin top-up card first.
According to the FY2025 report, the company plans to expand its traditional prepaid offerings, including foreign mobile data and stored value cards, in addition to its crypto initiatives, suggesting a portfolio approach where the prepaid Bitcoin card shares distribution and customer support with existing SKUs.
The company’s acquisition earlier this year by a consortium led by Sora Ventures and UTXO Management preceded the current strategy and brought in new leadership focused on Bitcoin, aligning the company’s control with its product roadmap.
For readers tracking operational metrics, the table below includes the key figures disclosed to date, as well as the initial market size cited by the company and its filings.
The following checkpoints are concrete, including card activations by market, average top-up size, fee and limit schedules, and liquidity source disclosures in subsequent HKEX updates. According to the company, Moon Inc. aims to towards an initial rollout in the fourth quarter of 2025.
Disclosure: A CryptoSlate investor has a financial interest in Moon Inc.
