TechFlow news, on February 18, according to Cointelegraph, Hong Kong-based investment firm HK Asia Holdings Limited saw a significant surge in its stock price during trading on February 17 following the disclosure of its purchase of one bitcoin.
HK Asia announced on February 16 that the company acquired one bitcoin on February 13 for approximately $96,150, funded by internal group resources. Driven by this news, the company's share price on the Hong Kong Stock Exchange rose nearly 93% by Monday’s close, reaching HK$5.50, approaching its peak of HK$6.50 from June 2019.
The board of HK Asia stated that given the growing adoption of cryptocurrencies in the business world and amid global economic uncertainty, bitcoin represents a reliable store of value. The company believes government stimulus programs and increasing money supply are putting devaluation pressure on fiat currencies. Although this purchase is small in scale, it marks an important step forward in positioning the company to adapt to the evolving global financial landscape.
