HK Asia Holdings, located in Hong Kong, has increased its Bitcoin holdings by acquiring an additional 10 BTC for approximately $858,581.
This recent acquisition raises the company’s total Bitcoin (BTC) assets to 18.88 BTC, with a valuation of around $1.72 million.
The move follows a board decision on February 23 that permitted HK Asia to enhance its Bitcoin investments. Previously, the firm had purchased 1 BTC on February 16 and 7.88 BTC on February 20, all financed through its internal cash resources.
A Safe Haven
HK Asia views Bitcoin as a safe haven and a safeguard against the depreciation of fiat currency. The firm chose to publicly share this purchase, even though it wasn’t mandated by the rules of the Hong Kong Stock Exchange.
After its first Bitcoin purchase, HK Asia’s stock price nearly doubled, and its latest update resulted in a further 5.7% rise on February 24.
The company is part of a growing trend among publicly traded firms that are adding Bitcoin to their financial portfolios. Recently, U.S.-based KURL Technology Group announced a $10 million investment in Bitcoin, while Japan’s Gumi revealed plans to acquire JPY 1 billion worth of BTC by May.
Firms such as Strategy and MetaPlanet have also taken the initiative with periodic investments in Bitcoin.