HK Asia Holdings Expands Bitcoin Holdings, Purchasing 10 BTC for $858,581

Hong Kong-based HK Asia Holdings has expanded its Bitcoin holdings, purchasing an additional 10 BTC for approximately $858,581.

Hong Kong-based HK Asia Holdings has expanded its Bitcoin (BTC) holdings, purchasing an additional 10 BTC for approximately $858,581.

The purchase, announced on Friday, brings the firm’s total Bitcoin (BTC) holdings to 18.88 BTC, valued at around $1.72 million.

The acquisition follows a February 23 board approval allowing HK Asia to increase its Bitcoin investments. The company had previously purchased 1 BTC on February 16 and 7.88 BTC on February 20, financing the acquisitions through internal cash reserves.

Announcing the latest purchase, HK Asia said:

“The company is optimistic about the long-term prospects of cryptocurrencies and will continue to evaluate investment opportunities in accordance with its internal procedures.”

Store of value

HK Asia views Bitcoin as a store of value and a hedge against fiat currency depreciation. The company voluntarily disclosed the purchase despite no requirement under Hong Kong Stock Exchange rules.

Following its initial Bitcoin purchase, HK Asia’s stock price nearly doubled, and its latest announcement saw shares climb another 5.7%.

The firm joins a growing list of publicly traded companies adding Bitcoin to their balance sheets. U.S.-based KURL Technology Group (KURL) recently disclosed a $10 million Bitcoin investment, while Japan’s Gumi (3903) has announced plans to buy JPY 1 billion worth of BTC by May.

Companies like Strategy (0836) and MetaPlanet (6866) have led the charge with periodic Bitcoin investments.