HK Asia Increases Bitcoin Portfolio by 10 Units

HK Asia Holdings, a firm based in Hong Kong, has added to its Bitcoin holdings by buying an additional 10 BTC, which cost around $858,581.

This acquisition brings the company's total Bitcoin (BTC) holdings to 18.88 BTC, which are valued at approximately $1.72 million.

The purchase comes after the board of HK Asia approved on Feb. 23 the increase of its investments in Bitcoin. The company had previously bought 1 BTC on Feb. 16 and 7.88 BTC on Feb. 20, using its internal cash reserves to finance the purchases.

Store of value

HK Asia views Bitcoin as a store of value and a hedge against the depreciation of fiat currency. The company voluntarily revealed the purchase even though it was not required to do so under the rules of the Hong Kong Stock Exchange.

After HK Asia's initial Bitcoin purchase, its stock price nearly doubled, and its latest announcement saw shares rise another 5.7% on Feb. 24.

The company joins a growing number of publicly traded firms that are adding Bitcoin to their balance sheets. KURL Technology Group, based in the U.S., recently disclosed a $10 million Bitcoin investment, while Gumi, a Japanese company, has announced plans to buy JPY 1 billion worth of BTC by May.

Companies such as Strategy and MetaPlanet have been leading the way with regular Bitcoin investments.