Hong Kong -based investment holding company HK Asia will buy more bitcoins after receiving board approval to expand its cryptocurrency holdings.
By 23 February AnnouncementThe board of the company’s Executive and Non-Focetry directors approved the company’s plan to increase bitcoin investment, allowing HK Asia to purchase an additional 7.88 BTC.
The acquisition on 20 February through an open market Cryptocurrency Exchange was financed using the “income from internal resources of the group” and HK $ 5,936,906.26, a cost of approximately $ 761,705.
The move follows HK Asia’s first bitcoin purchase on 16 February, when the company bought 1 BTC. With the latest procurement, HK Asia’s total bitcoin holdings now stand at 8.88 BTC, which is acquired at an average price of $ 97,021 per coin.
The company clarified that the transaction did not trigger any compulsory disclosure requirements under the Hong Kong Stock Exchange Rules, as the investment remained below the 5% limit required for notification.
Instead, the shareholders were voluntarily announced to keep informing their increasing interest in cryptocurrency, HK Asia said.
It did not take long for the market to react. After purchasing the company’s first bitcoin, its share price doubled overnight. After the latest announcement, the stocks saw another boost, climbing 5.7% by noon on 24 February.
HK Asia is involved in publicly trading firms that include bitcoins in their balance sheet to bring the property diversity and promote the company’s earnings to capitalize on its long -term growth capacity. Companies such as strategy and Metaplanet have led fee fees with periodic bitcoin investment.
On 11 February, the US -based Kurl Technology Group revealed to add BTC worth $ 10 million to its holdings, making it 610 BTC. A day earlier, Japanese mobile game studio Gumi said that by May, a plan to buy JPY 1 billion bitcoins was approved.
