Ming Shing Group to Acquire $483M in Bitcoin, Becoming Hong Kong’s Largest Corporate Holder

Ming Shing Group Holdings, a Hong-Kong based construction service provider, has committed to acquiring 4,250 Bitcoins (BTC)

Quick overview

  • Ming Shing Group Holdings plans to acquire 4,250 Bitcoins valued at $483 million from Winning Mission Group through a share sale.
  • If successful, this acquisition will make Ming Shing the largest Bitcoin holder in Hong Kong, surpassing Buyaa Interactive.
  • The company's stock initially rose following the announcement but later lost some gains, reflecting market volatility.
  • This move highlights a growing trend of public companies investing in Bitcoin as a treasury asset amid increasing institutional interest.

Ming Shing Group Holdings, a Hong-Kong based construction service provider, has committed to acquiring 4,250 Bitcoins (BTC) valued at $483 million from Winning Mission Group.

Ming Shing Group Holdings, a construction company in Hong Kong, agreed to buy 4,250 Bitcoin for $483 million through the sale of shares instead of cash. The company, which is listed on the Nasdaq, wants to issue convertible notes and warrants for more than 402 million shares to finish the deal.

If the deal goes through, Ming Shing will become the largest Bitcoin treasury holding in Hong Kong, beating Buyaa Interactive’s 3,350 Bitcoin stake. CEO Wenjin Li said that Bitcoin’s ability to be traded quickly and its potential to rise in value were two of the main reasons for the investment.

 

 

If all of the notes and warrants are used, the arrangement could greatly erode the ownership of current shareholders, leaving them with only 1.4% of the company. Ming Shing only has about 13 million shares outstanding right now, but it would need shareholder approval to issue more shares.

When the news came out, Ming Shing’s stock shot up to $2.15, then it lost most of its gains. It is still up 11.5% on Thursday. Hong Kong is getting more involved in cryptocurrency with approved spot ETF products and new rules for digital asset service providers. The company has been under financial stress since its profit margins are low and it lost $5.35 million in operations.

Ming Shing is part of a growing trend of public companies putting treasury cash into Bitcoin. More and more businesses see cryptocurrencies as a real asset class.

Meanwhile, MicroStrategy is at the head of this trend, having bought more than 226,000 bitcoins for its treasury. Recent research shows that 64% of institutional investors plan to put more money into cryptocurrencies over the next three years.

This development is a significant deal as it shows how Bitcoin has gone from being mostly a retail investment to being accepted by institutions as a treasury asset.

ABOUT THE AUTHOR See More
Sophia Cruz
Financial Writer - Asian & European Desks
Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

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