HK Asia Holdings' Stock Price Surged Over 100% Since It Began Buying Bitcoin in February

The company's BTC holdings are currently 8.88 BTC, driving a dramatic increase in its stock value. The board officially approved a Bitcoin investment strategy

Hong Kong-based HK Asia Holdings Limited (HKA:HK) has made a bold move by adding Bitcoin to its investment portfolio — and the decision is already having a positive impact on the company's bottom line.

HK Asia began purchasing BTC on February 16, and the company's stock price has surged 103.13% since then. This rapid increase has caught the attention of investors and analysts alike.

Let's take a closer look at HK Asia's Bitcoin investment strategy and how it's affecting the company's performance in the stock market.

HK Asia Commences Bitcoin Acquisition

HK Asia announced its first Bitcoin purchase on February 16, acquiring 1 BTC. A few days later, on February 20, the company added 7.88 BTC to its holdings, bringing the total to 8.88 BTC.

While this may seem like a small investment, especially when compared to industry giants, the impact on HK Asia's stock has been substantial.

Before HK Asia ventured into the world of Bitcoin, the company's stock was trading at 3.19 HKD. Interestingly, on February 17, which was the first trading day after the acquisition, HK Asia's stock price experienced a remarkable single-day surge of 72.1%.

Since then, the company's stock has continued to rise, reaching 6.50 HKD and marking an impressive 103.13% gain from the pre-Bitcoin trading session.

HK Asia's Stock Poised to Reach New Heights?

At the beginning of 24, HK Asia's stock was valued at only 0.295 HKD. Since then, it has soared 2,137.29%, with a 290.07% increase recorded between February 13 and 17 alone.

HK Asia's stock has now surpassed its June 2019 all-time high (ATH) of 6.50 HKD. If the price holds, analysts believe the company could close above this key level.

Yesterday, HK Asia's stock closed at 6.30 HKD, after hitting an intraday high of 7.18 HKD. However, it currently remains 2.94% below today's opening price.

HK Asia Board Approves Bitcoin Investment Strategy

On February 23, HK Asia's board of directors formally approved the company's Bitcoin investment strategy, following a trend among publicly traded companies to use BTC to increase earnings and diversify assets.

The sharp rise in HK Asia's stock price after its initial Bitcoin purchase may have influenced the board's decision to commit to a more aggressive BTC strategy.

HK Asia Leaning Towards MicroStrategy's Playbook

MicroStrategy (NASDAQ:MSTR), the largest public holder of Bitcoin, has been a strong advocate for corporate BTC investment. Late last year, the company encouraged major firms like Microsoft to follow suit.

Currently, MicroStrategy holds 478,740 BTC, valued at approximately $45.76 billion. While HK Asia's holdings are significantly smaller, its stock performance shows that even a modest BTC investment can drive a substantial market impact.

With Bitcoin on its balance sheet, HK Asia is now riding the same wave as some of the biggest names in the industry.