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Ruholamin Haqshanas
Author
Ruholamin Haqshanas
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Shares of HK Asia Holdings Limited, a Hong Kong-based investment firm, skyrocketed nearly 93% on Feb. 17 after the company disclosed its purchase of one Bitcoin.
The announcement, made on Feb. 16, stated that the firm had acquired one BTC for approximately $96,150 on Feb. 13, financed through internal resources.
Following the news, HK Asia’s stock surged to 5.50 Hong Kong dollars ($0.71) on the Hong Kong Stock Exchange, approaching its highest level since June 2019, when it peaked at 6.50 HKD ($0.84), according to Google Finance.
HK Asia Joins Growing List of Public Firms Embracing Bitcoin as a Strategic Asset
The company attributed its move to the growing popularity of cryptocurrencies in the commercial sector, joining a list of public firms embracing Bitcoin as a strategic asset.
While HK Asia’s stock reacted positively, not all companies adopting Bitcoin have seen similar outcomes.
Last month, Ming Shing Holdings, a Hong Kong-based construction company, announced its subsidiary Lead Benefit had purchased 500 BTC for around $47 million.
Despite this sizable investment, Ming Shing’s stock remained largely unchanged and has declined nearly 40% this year.
Meanwhile, Japan’s Metaplanet, an investment firm that began accumulating Bitcoin in April 2023, has seen its stock surge over 3,900% in the past year.
With its latest purchase of 269.4 BTC on Feb. 17, Metaplanet now holds 2,031.5 BTC valued at $194.7 million.
HK Asia’s board emphasized Bitcoin’s role as a store of value amid global economic uncertainty, pointing to government stimulus programs and rising money supply as factors driving fiat currency depreciation.
West Virginia Senator Proposes Bill to Allow State Treasury Investments in Crypto and Gold
Last week, West Virginia State Senator Chris Rose introduced the Inflation Protection Act of 2025, a bill that would permit the state treasury to allocate a portion of its funds to digital assets and precious metals.
On January 23, former U.S. President Donald Trump commissioned a working group to explore the feasibility of a federal digital asset reserve, prompting a wave of similar initiatives at the state level.
Utah has already made progress on this front.
On February 6, the Utah House of Representatives passed a bill allowing the state treasury to invest in Bitcoin, select altcoins, and stablecoins. The bill is now under consideration in the Utah Senate.
The same day, Kentucky joined the movement by introducing a bill that would permit up to 10% of state funds to be invested in digital assets, including Bitcoin.
As reported, a dozen U.S. states have invested in Strategy, the company formerly known as MicroStrategy, with state pension funds and treasuries collectively holding $330 million worth of its stock as of the end of 2024.
California’s State Teachers Retirement System fund holds the largest stake, with 285,785 shares valued at approximately $83 million, based on the Feb. 14 filing with the U.S. Securities and Exchange Commission (SEC).
The retirement fund, which manages $69 billion in stock investments, also owns 306,215 shares of Coinbase (COIN), worth $76 million at the time of the filing.
