Bitcoin price today: surges to $122k, near record high on US regulatory cheer
Shares of HK Asia Holdings Limited, a Hong Kong-based investment firm, surged nearly 93% following the company’s announcement that it had acquired a single unit of Bitcoin. The transaction, which took place on February 13 for approximately $96,150, was funded by the firm’s internal resources.
The firm’s stock closed at 5.50 Hong Kong dollars (71 cents) on the Hong Kong Stock Exchange, approaching its peak of 6.50 Hong Kong dollars (84 cents) from June 2019. The shares started the day trading at around 40 cents and experienced a significant climb by the end of the session.
HK Asia’s decision to purchase Bitcoin comes as the firm’s board acknowledges the growing popularity of cryptocurrencies in the commercial sector. The move positions HK Asia among a number of public companies diversifying their assets with Bitcoin in recent months.
In contrast to HK Asia’s stock performance, Ming Shing, a Hong Kong construction company, did not see its shares react to its subsidiary Lead Benefit’s purchase of 500 Bitcoin last month. Despite the sizable investment of approximately $47 million, Ming Shing’s shares have declined nearly 40% this year.
Meanwhile, the Tokyo-based investment firm Metaplanet has witnessed a dramatic increase in its share price, which has soared over 3,900% in the past 12 months. Metaplanet’s Bitcoin holdings now total approximately 2,031.5 BTC, valued at $194.7 million, after an additional acquisition of 269.4 BTC on February 17.
HK Asia’s board regards Bitcoin as a reliable store of value amidst global economic uncertainty, citing concerns over government stimulus measures and increasing money supply that may devalue fiat currencies. The firm considers its Bitcoin purchase symbolic and a significant step towards adapting to the changing financial landscape.
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