Connect with us

Hi, what are you looking for?

Bitcoin
Bitcoin
#image_title

Cryptocurrency

Hong Kong Investment Company Increases Bitcoin Ownership amid Rising Interest Environment

After seeing a notable rise in its stock price, Hong Kong-based investment company HK Asia Holdings Limited has increased its Bitcoin holdings to about 8 BTC in its portfolio. The board of the company has approved more Bitcoin investments since they see a rising attraction of cryptocurrencies in the financial industry. Though Bitcoin’s price is still under the $100,000 range, HK Asia’s stock keeps rising in line with great investor interest.

Hong Kong Investment firm HK Asia Holdings Limited has increased its Bitcoin reserves to nearly 9 BTC after acquiring 7.89 BTC for $761,705, following a stock price surge.

Citing the increasing acceptability of cryptocurrencies in commercial markets, the investment firm with headquarters in Hong Kong declared on February 23 that its board has approved extra Bitcoin purchases. With internal funds financing the most recent buy, HK Asia’s total Bitcoin holdings—average acquisition cost of $97,021 per coin—amounts to 8.88 BTC, or nearly $861,500.

HK Asia purchased its first Bitcoin on February 16; when markets reopened the following day, its stock price surged. The company’s shares had skyrocketed over 93% by the end of trading on February 17 as investors responded fervently to its arrival into the bitcoin market.

HK Asia’s shares have increased another 5.7% as of February 24, trading at roughly 6.66 Hong Kong dollars ($0.86). Starting the trading day at approximately 7 Hong Kong dollars ($0.90), the stock had increased 11% from its closing price on February 21. Having already jumped 1,700% this year, HK Asia’s shares could surpass their June 2019 all-time high of 6.50 Hong Kong dollars ($0.84) if this momentum keeps on.

The company’s action fits a rising trend of publicly traded firms buying Bitcoin to improve financial performance. In a past comment, the board of HK Asia admitted that a major reason behind its Bitcoin purchases is the growing importance of cryptocurrencies in modern banking.

HK Asia freely provided the information despite its Bitcoin holdings falling below the legal required level of disclosure, highlighting its faith in the long-term worth of the currency.

The price of Bitcoin has stayed rather constant, trading at over $95,537—down less than 1% in the last 24 hours. Since February 5, the cryptocurrency has failed to surpass the $100,000 mark; today it is 12% below its January 20 record of $108,786.

author avatar
Satpal S
Satpal is an Editor and Author at 4C Media Co, specializing in all stories and news related to crypto and finance.
Advertisement

You May Also Like

Cryptocurrency

Amid the financial pressure on many companies to examine Bitcoin, it is estimated that a quarter of the S&P companies will have Bitcoin in...

Uncategorized

Industry experts note that stablecoin regulations and banking access should take priority over cryptocurrency tax reforms in the U.S. Clear laws can encourage mainstream...

Cryptocurrency

Binance has added a new feature that lets users trade directly from CEX to DEX without having to bridge assets or move funds by...

Cryptocurrency

Decentralized finance has transformed our trading, borrowing, and lending. These services are now available to users directly, without middlemen. The popularity of DeFi is...

polkadot
Polkadot (DOT) $ 4.06 2.52%
bitcoin
Bitcoin (BTC) $ 82,726.16 0.35%
ethereum
Ethereum (ETH) $ 1,812.09 0.47%
cardano
Cardano (ADA) $ 0.650399 1.39%
xrp
XRP (XRP) $ 2.06 1.74%
stellar
Stellar (XLM) $ 0.261208 1.61%
litecoin
Litecoin (LTC) $ 82.86 0.87%