Hong Kong-based construction firm Ming Shing Group Holdings announced that it will purchase 4,250 Bitcoin (BTC) from Winning Mission Group, a company based in the British Virgin Islands.
As per the official release, the purchase will happen at an average price of $113,638 per BTC, totaling nearly $483 million. Instead of paying cash, Ming Shing will issue convertible promissory notes and stock warrants to the seller. This purchase is anticipated to close before the end of this year.
Another company, Rich Plenty Investment, will receive half of the deal’s value through similar notes and warrants. Each party will get a note worth over $241 million and the right to buy over 200 million shares of Ming Shing stock at a later date.
Ming Shing Stock Spikes 30%
The announcement sent Ming Shing’s stock up 29% intraday on Nasdaq before closing 11.5% higher at $1.65. Meanwhile, BTC is trading at $113,824, about 8.5% below its new all-time high of $124,457, reached just a week ago.
“We believe the Bitcoin market is highly liquid and the investment can capture the potential appreciation of Bitcoin and increase the Company’s assets,” said Ming Shing CEO Wenjin Li. “We are devoted to creating additional value for our shareholders and actively exploring options for the Company to grow further.”
This deal adds Ming Shing to the growing list of public companies putting bitcoin on their balance sheets, following strategies made famous by investors like Michael Saylor. It marks a surprising pivot for a construction company, signaling that BTC is increasingly seen not just as a speculative asset but also as a corporate treasury tool.
Ming Shing Group Holdings Limited is a Hong Kong-based construction services company specializing in wet trades such as plastering, tiling, brick laying, floor screeding, and marble works.
This move also follows after another Hong Kong firm, Reitar Logtech Holdings Ltd, which filed with the U.S. SEC in June to allocate up to $1.5 billion to purchasing BTC.
Also Read: Coinbase CEO Armstrong Predicts $1 Million Bitcoin by 2030
