HK Asia Holdings Expands Bitcoin Investment as Stock Surge Continues

Hong Kong-based HK Asia Holdings Limited has once again expanded its Bitcoin holdings, adding nearly 7.88 BTC to its portfolio just days after its stock price saw a dramatic surge following its initial Bitcoin purchase.

In a Feb. 23 announcement, the firm revealed that its board had approved an increase in Bitcoin investments, signaling a growing confidence in the leading cryptocurrency. On Feb. 20, HK Asia acquired 7.88 BTC for approximately $761,705, bringing its total Bitcoin stash to 8.88 BTC. The company said its purchases were funded through internal resources, and it paid an average price of $97,021 per BTC, totaling roughly $861,500 in Bitcoin investments.

This latest move comes after the company’s first Bitcoin acquisition on Feb. 16, when it purchased just 1 BTC. That small investment was enough to ignite investor enthusiasm, with HK Asia’s stock price soaring nearly 93% by the close of trading on Feb. 17.

HK Asia Stock Price Nears ATH

Following its expanded Bitcoin holdings, HK Asia’s stock continued its upward momentum, rising 5.7% on Feb. 24 as of midday trading on the Hong Kong Stock Exchange. The stock was trading at HK$6.66 (approximately $0.86), according to Google Finance.

If this price level holds, HK Asia could close above its previous all-time high of HK$6.50, which was set in June 2019. The stock has already experienced a staggering 1,700% gain in 2024, reflecting growing investor confidence in its Bitcoin strategy.

The firm’s foray into BTC aligns with a broader trend among publicly traded companies that are increasingly adding Bitcoin to their balance sheets as part of their corporate strategy.

Bitcoin Market Performance

Bitcoin itself has seen relatively muted price movement in recent days. The cryptocurrency has been trading flat over the past 24 hours, down by less than 1% to $95,537, according to CoinGecko.

The asset has struggled to reclaim the psychological $100,000 threshold, which it last surpassed on Feb. 5. It remains 12% below its Jan. 20 peak of $108,786, though investor sentiment remains strong as more companies continue to accumulate Bitcoin.

HK Asia’s voluntary disclosure of its Bitcoin buys, despite not being legally required to do so, suggests that the firm is looking to position itself as a crypto-forward company.