Hong Kong’s HK Asia Holdings Rise 103% Post-Bitcoin Investment BTC Value
HK Asia Holdings’ stock price has risen by more than 100% since it began purchasing Bitcoin in February.
The company’s BTC holdings are presently 8.88 BTC, resulting in a significant boost in its stock value. The board formally adopted a Bitcoin investment plan, continuing a trend of public corporations adopting BTC to enhance revenue, such as the plan.
Hong Kong-based HK Asia Holdings Limited has officially joined the expanding list of public corporations investing in Bitcoin, and the move is already paying off. Since acquiring its first BTC on February 16, the company’s stock price has risen by 103.13%.
HK Asia Expands Its Bitcoin Holdings
On February 16, HK Asia made its first Bitcoin purchase of 1 BTC. A few days later, on February 20, the corporation added a further 7.88 BTC, bringing its total holdings to 8.88 BTC.
Even though this is a tiny investment in comparison to industry titans, the impact on HK Asia’s stock has been significant.
Before the Bitcoin acquisition, HK Asia’s stock traded at 3.19 HKD. On February 17, the first trading day following the acquisition, the stock rose 72.1% in a single day. Since then, it has continued to soar, hitting 6.50 HKD, a 103.13% increase.
Could HK Asia’s Stock Reach a New High?
At the start of 2024, HK Asia’s stock was trading at 0.295 HKD. Since then, it has risen by 2,137.29%, including a 290.07% surge between February 13 and 17.
The stock has already reached its all-time high (ATH) of 6.50 HKD, set in June 2019. If the price remains stable, experts anticipate the stock will close above this crucial milestone.
Yesterday, HK Asia’s shares finished at 6.30 HKD, having reached an intraday high of 7.18 HKD. However, it is now 2.94% below today’s starting price.
Why is Hong Kong Asia Buying Bitcoin?
On February 23, HK Asia’s board of directors formally authorized its Bitcoin investment plan, continuing the trend of publicly listed corporations embracing Bitcoin to boost profitability and diversify their portfolios.
The rapid increase in HK Asia’s stock price following its initial Bitcoin acquisition may have impacted the board’s decision to pursue a more aggressive BTC strategy.
Following the MicroStrategy Playbook?
Strategy (MSTR), the largest public Bitcoin holder, has long advocated for corporate BTC investment. Late last year, the corporation pushed large companies such as Microsoft to follow likewise.
Currently, Strategy has 478,740 BTC, which is worth around $45.76 billion. While HK Asia’s holdings are substantially lower, its stock performance demonstrates that even a tiny Bitcoin investment may have a major market influence.
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