HK Asia Holdings boosts Bitcoin Holdings
Hong kong-based HK Asia holdings has increased its Bitcoin (BTC) holdings. The company recently bought 10 BTC for about $858,581. This brings their total BTC to 18.88, worth around $1.72 million.
The move follows a board approval on February 23. It allows the firm to invest more in Bitcoin. HK Asia had earlier bought 1 BTC on February 16 and 7.88 BTC on February 20. they used their own cash for these purchases.
HK Asia views Bitcoin as a store of value. It protects against the weakening of conventional currencies. The firm disclosed this purchase, even though it wasn’t required by Hong Kong Stock Exchange rules.
After their first BTC purchase, HK Asia’s stock price nearly doubled. Their latest announcement led to a 5.7% rise in shares on February 24. The company sees Bitcoin as a hedge against currency depreciation.
HK Asia joins other companies investing in BTC. U.S. firm KURL Technology Group invested $10 million in Bitcoin. Japan’s Gumi plans to buy JPY 1 billion worth of BTC by May. Companies like Strategy and MetaPlanet also invest in bitcoin regularly.
HK Asia’s stock price climbed after the news.This trend is growing. More publicly traded firms are adding BTC to their balance sheets.
