Hong Kong construction firm’s stock jumps on $483M Bitcoin treasury bet
Ming Shing Group Holdings, a Nasdaq-listed Hong Kong construction firm, struck a $483 million deal to acquire 4,250 Bitcoin via share issuance.
Nasdaq-listed Hong Kong construction firm Ming Shing Group Holdings said Wednesday it has entered into an agreement to acquire 4,250 Bitcoin for nearly $483 million, joining the wave of companies adding the cryptocurrency to their treasuries.
If successful, the deal would make Ming Shing Hong Kong’s top Bitcoin (BTC) treasury according to BitcoinTreasuries.NET data, surpassing even Buyaa Ineractive International with its 3,350 BTC as Bitcoin and crypto adoption take the corporate world by storm.
“We believe the Bitcoin market is highly liquid and the investment can capture the potential appreciation of Bitcoin and increase the Company’s assets,” Wenjin Li, CEO of Ming Shing, said.
