Hong Kong-Based Investment Holding Company HK Asia Will Buy More Bitcoin After Securing Board Approval to Expand Its Cryptocurrency Holdings

The acquisition, made on Feb. 20 through an open market cryptocurrency exchange, was financed using “proceeds from the Group’s internal resources” and cost HK$5

Hong Kong-based investment holding company HK Asia (HK:8343) has announced plans to expand its cryptocurrency holdings with a fresh purchase of 7.88 Bitcoin ( BTC).

The move comes after the company secured approval from its board of executive and non-executive directors, according to an announcement on Thursday.

The acquisition was made on Feb. 20 through an open market cryptocurrency exchange and cost HK$5,936,906.26 ($761,705) in total. It was financed using “proceeds from the Group’s internal resources,” the company said.

HK Asia had already made its first foray into BTC on Feb. 16, purchasing 1 coin of the flagship cryptocurrency. With the latest purchase, its total Bitcoin holdings now stand at 8.88 BTC, acquired at an average price of $97,021 per coin.

The company noted that the transaction didn't trigger any mandatory disclosure requirements under Hong Kong Stock Exchange rules, as the investment remained below the 5% threshold for notification.

However, it was announced voluntarily to keep shareholders informed of its growing interest in cryptocurrencies, HK Asia added.

The market didn’t waste any time in reacting to the news. Following the company’s first Bitcoin buy, its stock price nearly doubled overnight. After the latest announcement, shares saw another boost, climbing around 5.7% by midday on Friday.

HK Asia joins a number of publicly traded firms adding BTC to their balance sheets to diversify assets and boost company earnings by capitalizing on its long-term growth potential. Companies like Strategy and MetaPlanet have led the charge with periodic Bitcoin investments.

On Feb. 11, U.S.-based KURL Technology Group disclosed adding $10 million worth of BTC to its holdings, bringing it to 610 BTC. A day prior, Japanese mobile game studio Gumi said a plan to purchase Bitcoin worth JPY 1 billion by May had been approved.