HK Asia Expands Its Bitcoin Reserve to 9 BTC, Promises More Acquisitions as Share Price Doubles

HK Asia Holdings Limited has expanded its Bitcoin reserve to nearly 9 BTC, shortly after the investment firm experienced a doubling of its share prices following its initial Bitcoin acquisition.

HK Asia adds to Bitcoin reserves after stock surge following initial crypto buy

Investment firm HK Asia Holdings Limited has further increased its Bitcoin (BTC) holdings to nearly 9 BTC after experiencing a doubling of its share prices following its initial Bitcoin acquisition.

In a statement released on Feb. 23, HK Asia, a Hong Kong-based investment firm, disclosed that its board “has approved the Company to further increase its investment in Bitcoin.” The firm revealed that on Feb. 20, it acquired approximately 7.88 Bitcoin (BTC) for an aggregate expenditure of around $761,705.

The firm stated that this most recent Bitcoin purchase was financed through internal resources, raising its total Bitcoin holdings to about 8.88 BTC, with an average acquisition cost of $97,021 per coin, totaling approximately $861,500.

On Feb. 16, HK Asia announced that it had acquired 1 BTC, which led investors to bid up its stock the following day when markets reopened, resulting in a nearly 93% surge in its share price by the close of trading on Feb. 17.

As of the lunch hour on Feb. 24, HK Asia’s shares were up about 5.7% on the Hong Kong Stock Exchange, trading at roughly 6.66 Hong Kong dollars (86 cents), according to Google Finance.

HK Asia shares opened trading on Feb. 24 at approximately 7 Hong Kong dollars (90 cents), showing an increase of over 11% from its close on Friday, Feb. 21.

If the current price holds, HK Asia stock could close above its all-time high of 6.50 Hong Kong dollars (84 cents) from June 2019, with its stock price already up 1,700% this year.

HK Asia’s investment in Bitcoin aligns with a broader trend of publicly traded companies acquiring the cryptocurrency to bolster corporate earnings.

In a prior announcement this month, HK Asia indicated that its board recognized the “growing popularity of cryptocurrencies in the commercial realm” as a driving force behind its initial BTC acquisition.

The company noted in its latest statement that its Bitcoin purchases fell below the threshold for mandatory reporting but added that it was disclosing this information “on a voluntary basis.”

Bitcoin has seen little price movement over the past 24 hours and is currently down less than 1%, priced at $95,537. The cryptocurrency has remained below the crucial $100,000 mark since Feb. 5 and is down 12% from its peak of $108,786 on Jan. 20, according to CoinGecko.