- Now, the business’s Bitcoin holdings have increased to 9 BTC.
- The rising profile of cryptocurrencies in business was one factor that prompted HK Asia’s board to buy Bitcoin initially.
Just one week after purchasing its first Bitcoin, investment company HK Asia Holdings Limited saw a doubling of its share price. Now, the business’s Bitcoin holdings have increased to 9 BTC.
Hong-kong-based HK Asia said on February 23 that its board has authorized the firm to further increase its investment in Bitcoin and revealed that on February 20, it had bought around 7.88 Bitcoin for a total of about $761,705 dollars.
Banking on Bitcoin
Additionally, it said that its most recent acquisition of Bitcoin was funded internally. This purchase increased its overall Bitcoin holdings to around 8.88 BTC, with an average purchase price of $97,021 per coin, or approximately $861,500 in total.
When markets reopened on February 17, investors flocked to HK Asia’s shares after the company announced on February 16 that it had bought 1 bitcoin. By the end of trading on February 17, the stock price had risen by about 93%. By the time the lunch hour rolled around on February 24th, shares in HK Asia had climbed 5.7% on the Hong Kong Stock Exchange, with Google Finance showing the price at around 6.66 Hong Kong dollars, or 86 cents.
The share price of HK Asia has increased 1,700% so far this year. The company previously had its all-time high of 6.50 Hong Kong dollars (84 cents), established in June 2019.
Buying Bitcoin has been a popular strategy for publicly listed companies looking to increase profits, and HK Asia is no exception. The rising profile of cryptocurrencies in business was one factor that prompted HK Asia’s board to buy Bitcoin initially, according to a statement made earlier this month.
At the time of writing, Bitcoin is trading at $95,780 as per data from CMC. The price has witnessed brief decline amid the ongoing tariff imposed by the US on countries.
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