Hong Kong-listed Ming Shing Group Holdings Limited said it has signed a binding agreement to acquire 4,250 Bitcoin for about US$482.96 million, equivalent to nearly five times the construction company’s roughly US$107 million market value.
Ming Shing intends to finance the purchase entirely through the issuance of convertible notes, rather than cash. The announcement sent the stock up as much as 30 percent in Hong Kong trading on 21 August before gains moderated. The move adds to a growing list of Asian corporates adopting Bitcoin as a treasury asset amid persistent interest in digital currencies.
To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
