Hong Kong investment firm’s board gives nod to more Bitcoin buying
HK Asia Holdings Limited, a Hong Kong-based investment firm, has announced a significant increase in its Bitcoin holdings, acquiring an additional 7.88 BTC for approximately $761,705. Following this purchase, the firm now holds nearly 9 BTC, with total investments in Bitcoin reaching around $861,500 at an average cost of $97,021 per coin. The board's decision to expand its cryptocurrency investment aligns with the growing popularity of digital assets in the commercial sector. The firm’s stock saw a substantial increase, nearly doubling after its initial Bitcoin purchase, reflecting investor confidence. On February 24, shares were trading at approximately 6.66 Hong Kong dollars, up by about 5.7% since the previous day, with a remarkable increase of 1,700% year-to-date. Despite Bitcoin's recent decline to about $95,537, the firm views its investment strategy as a potential avenue for additional company earnings, demonstrating proactive engagement in the cryptocurrency landscape.
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