Hong Kong investment company HK Asia Holdings Limited has bought more Bitcoin, increasing its total holdings to nearly 9 BTC. This comes just a week after the firm saw its stock price double following its first Bitcoin purchase.
Source: Google Finance
More Bitcoin, More Growth?
On February 20, HK Asia bought 7.88 BTC for around $761,705. This brings its total Bitcoin stash to 8.88 BTC, with an average purchase price of $97,021 per coin—spending around $861,500 in total. The company used its own funds for this purchase.
HK bought its first Bitcoin on February 16, and all it bought was 1 BTC. That small action help to give a boost to its stock price nearly 93% when the markets reopened the following day. Its stock has gained 1,700% since the start of 2024 and is now selling for 6.66 Hong Kong dollars. If the price holds, it could break its all-time high from June 2019.
Bitcoin’s Popularity is Growing
HK Asia said it is buying Bitcoin because cryptocurrencies are becoming more popular in business. Other companies have also started buying Bitcoin to improve their earnings.
Right now, Bitcoin is trading at $95,537, slightly down from the last 24 hours. It has been below $100,000 since February 5 and is down 12% from its January peak of $108,786.
