HK Asia Holdings, a Hong Kong-based company, has expanded its cryptocurrency portfolio by acquiring 10 additional Bitcoin (BTC) for approximately $858,581. This latest purchase brings the firm's total Bitcoin holdings to 18.88 BTC, with an estimated value of $1.72 million.
The recent acquisition follows the company's board approval on February 23 to increase its Bitcoin investments. Prior to this purchase, HK Asia Holdings had already bought 1 BTC on February 16 and 7.88 BTC on February 20, using internal cash reserves to fund these investments.
The company views Bitcoin as a protective asset against fiat currency depreciation. Although not mandated by Hong Kong Stock Exchange regulations, HK Asia Holdings chose to publicly disclose these cryptocurrency purchases, demonstrating transparency in its investment strategy.
The market has responded positively to HK Asia's crypto investment approach. Following its initial Bitcoin purchase, the company's stock price experienced a near doubling in value. The latest announcement triggered another 5.7% increase in share price on February 24.
HK Asia Holdings joins an expanding group of publicly traded companies incorporating Bitcoin into their balance sheets. Recent examples include KURL Technology Group's $10 million Bitcoin investment and Japanese firm Gumi's planned purchase of JPY 1 billion in BTC by May.
This trend highlights growing corporate interest in cryptocurrency as companies like Strategy and MetaPlanet continue making regular Bitcoin investments.