Hong Kong-Founded Investment Holding HK Asia will buy more Bitcoin after obtaining approval from the council to expand his cryptocurrency holdings.
According to a February 23 announcementThe Board of Executive and non-executive drivers of the company have approved plans to increase the Bitcoin investments of the company, allowing HK ASIA to buy an extra 7.88 BTC.
The acquisition, made on February 20 via an open market cryptocurrency, was financed with the help of “revenues from the internal resources” and cost HK $ 5,936,906.26, approximately $ 761,705.
This step follows the first Bitcoin -purchase of HK Asia on February 16, when the company bought 1 BTC. With the last purchase, the total Bitcoin holdings of HK Asia is now at 8.88 BTC, obtained at an average price of $ 97,021 per coin.
The company clarified that the transaction did not activate a mandatory disclosure requirements according to the rules of Hong Kong Stock Exchange, because the investment remained below the 5% threshold that was needed for notification.
On the contrary, it was voluntarily announced to keep shareholders informed of her growing interest in cryptocurrencies, HK Asia added.
The market did not last long to respond. After the first Bitcoin purchase of the company, the share price almost doubled overnight. After the last announcement, the shares saw another boost and climbing around 5.7% on 24 February by noon.
HK Asia joins a number of listed companies that add Bitcoin to their balance sheets to diversify assets and to stimulate the profit of the company by benefiting the long -term growth potential. Companies such as strategy and metaplanet have led the leadership with periodic Bitcoin investments.
On 11 February, the American Kurl Technology Group announced to add $ 10 million to BTC to its participations, which brought it to 610 BTC. A day before, the Japanese mobile game studio Gumi said that a plan to buy Bitcoin was approved by JPY 1 billion by May.
