HK Asia Holdings Acquires Additional Bitcoin to Hedge Against Currency Depreciation
The firm purchased 10 more bitcoins, reaffirming its commitment to blockchain technology and long-term asset value.
What to know:
- HK Asia Holdings acquired an additional 10 BTC, increasing its total holdings to 18.88 BTC.
- This purchase was financed through internal cash reserves.
- The company emphasized Bitcoin’s potential as a hedge against the depreciation of fiat currencies and as a strategic asset to diversify into blockchain technology.
Details of the Purchase
HK Asia Holdings (1723) announced the acquisition of 10 bitcoin (BTC) at a price of $858,581. This latest addition brings the Hong Kong-listed company’s overall Bitcoin holdings to approximately 18.88 BTC, with a total expenditure of around $1.72 million. These transactions were conducted through open market purchases, funded by the company’s internal cash.
The company stated its belief in Bitcoin as a consistent store of value amid global economic instability, with inflation concerns and the increasing incorporation of cryptocurrencies into investment strategies. They regard Bitcoin as an effective safeguard against the declining value of fiat currencies.
