HK Asia Holdings Limited has expanded its Bitcoin reserve to nearly 9 BTC, shortly after the investment firm experienced a doubling of its share prices following its initial Bitcoin acquisition.
In a statement released on Feb. 23, HK Asia, a Hong Kong-based investment firm, disclosed that its board “has approved the Company to further increase its investment in Bitcoin.” The firm revealed that on Feb. 20, it acquired approximately 7.88 Bitcoin (BTC) for an aggregate expenditure of around $761,705.
The firm stated that this most recent Bitcoin purchase was financed through internal resources, raising its total Bitcoin holdings to about 8.88 BTC, with an average acquisition cost of $97,021 per coin, totaling around $861,500.
On Feb. 16, HK Asia announced that it acquired 1 BTC, which prompted investors to rush into its stock the following day when markets reopened, resulting in a nearly 93% surge in its share price by the close of trading on Feb. 17.
As of the lunch hour on Feb. 24, HK Asia’s shares saw an increase of around 5.7% on the Hong Kong Stock Exchange, trading at roughly 6.66 Hong Kong dollars (86 cents), as per Google Finance.
HK Asia shares opened trading on Feb. 24 at approximately 7 Hong Kong dollars (90 cents), reflecting an increase of over 11% from its close on Friday, Feb. 21. Source: Google Finance
If the current price persists, HK Asia’s stock could potentially close above its all-time high of 6.50 Hong Kong dollars (84 cents) from June 2019, with its share price already showing a 1,700% increase this year.
HK Asia’s investment in Bitcoin aligns with a broader trend of publicly traded companies acquiring the cryptocurrency to enhance corporate earnings.
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In a previous announcement this month, HK Asia indicated that its board acknowledged the “growing popularity of cryptocurrencies in the commercial world” as a driving factor for its initial BTC acquisition.
The company noted in its latest communication that its Bitcoin purchases fall below the threshold for mandatory reporting, but it chose to disclose this information “on a voluntary basis.”
Bitcoin has remained stable over the past 24 hours and is currently down by less than 1%, priced at $95,537. The cryptocurrency has stayed below the crucial $100,000 mark since Feb. 5 and is down 12% from its peak of $108,786 on Jan. 20, according to CoinGecko.
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