Hong Kong Asia Holdings’ stock price nearly doubled after the company announced that it had bought just one Bitcoin. The Hong Kong-based investment firm revealed on Feb. 16 that it acquired 1 BTC for about $96,150 (HK$750,000) using internal funds.
Despite the small purchase, the stock skyrocketed 93% to close at HK$5.50 on Feb. 17, nearing its 2019 peak.
The company called the move symbolic but a step toward integrating digital assets into its financial plans. They believe Bitcoin is a reliable store of value, especially with economic uncertainty and inflation concerns. Board member John Riggins said this isn’t just about buying Bitcoin but about setting a future vision for the company.
This investment comes right after a major leadership shakeup. A consortium led by UTXO Management, Sora Ventures, Top Legend SPC, and Allied Top Investments recently took a majority stake in HK Asia Holdings. The board also welcomed new faces like David Bailey and John Riggins from BTC Inc. and Jason Fang, co-founder of Sora Ventures. Fang hinted that this is just the start of bigger things ahead.
HK Asia Holdings now joins the list of public companies betting on Bitcoin. Last month, Ming Shing’s subsidiary Lead Benefit bought 500 BTC for $47 million, but its stock price didn’t budge. Meanwhile, Japan’s Metaplanet, often called “Asia’s MicroStrategy,” has seen its stock soar over 3,900% in a year after going all-in on Bitcoin.
HK Asia Holdings hasn’t revealed more crypto plans yet, but with a new leadership team and growing institutional Bitcoin adoption, this could just be the beginning. The market has clearly taken notice.
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