Hong Kong-based HK Asia Holdings Limited has made a bold move by investing in Bitcoin, joining the ranks of public companies looking to capitalize on the rising popularity of the cryptocurrency. Since making its first BTC purchase on February 16, the company has seen a remarkable 103.13% surge in its stock price.
HK Asia’s foray into Bitcoin began with the acquisition of 1 BTC on February 16, followed by an additional purchase of 7.88 BTC on February 20, bringing its total holdings to 8.88 BTC. While this may seem like a relatively small investment compared to industry giants, the impact on HK Asia’s stock has been nothing short of impressive.
Prior to the Bitcoin purchase, HK Asia’s stock was trading at 3.19 HKD. The day after the acquisition, the stock soared by 72.1%, and has continued to rise steadily, reaching 6.50 HKD, marking a significant 103.13% gain.
The company’s stock has shown remarkable growth since the beginning of 2024, with a staggering 2,137.29% increase from its price of 0.295 HKD. In just four days between February 13 and 17, the stock recorded a 290.07% surge, surpassing its previous all-time high of 6.50 HKD from June 2019. Analysts are optimistic that HK Asia’s stock could close above this key level in the near future.
On February 23, HK Asia’s board of directors officially approved its Bitcoin investment strategy, aligning with the trend of publicly traded companies diversifying their assets with BTC. The sharp rise in the company’s stock price following its initial Bitcoin purchase likely influenced the board’s decision to adopt a more aggressive BTC strategy.
Drawing inspiration from MicroStrategy’s playbook, HK Asia is following the footsteps of the largest public holder of Bitcoin, which has been a vocal advocate for corporate BTC investment. With MicroStrategy holding a substantial 478,740 BTC valued at around $45.76 billion, HK Asia’s smaller holdings have still managed to make a significant impact on the market.
By incorporating Bitcoin into its balance sheet, HK Asia is now positioned alongside some of the industry’s biggest players, demonstrating the potential for even modest BTC investments to drive substantial market growth. As the company continues to ride the wave of Bitcoin’s popularity, it remains to be seen how far its stock price will soar in the coming days. Stay tuned for more updates on this evolving story.