Bitcoin Magazine
HK Asia Holdings Becomes First in China to Adopt Bitcoin Treasury
HK Asia Holdings (HKEX: 1723), which is in the process of rebranding as Moon Inc., has made a landmark decision, becoming the first publicly listed entity in Greater China to implement a Bitcoin treasury strategy. During a recent forum led by Allen Helm of Bitcoin For Corporations, the newly appointed CEO, John Riggins, detailed the company’s transition, its alignment with Hong Kong’s regulations, and the significant momentum growing across the Asian market.
Riggins, a passionate advocate for Bitcoin with deep experience in China and Southeast Asia, shared that this strategic shift was fueled by strong conviction in Bitcoin’s value and a positive change in the regulatory environment in Hong Kong. He emphasized that the company engaged in extensive consultations over several months with regulators, public market stakeholders, and local partners prior to making this pivotal move.
Initially centered on SIM cards and prepaid technology, HK Asia Holdings is now set to weave Bitcoin into its balance sheet and redefine its business model. This evolution includes intentions to introduce Bitcoin-related products through its retail channels, such as Bitcoin ATMs and prepaid Bitcoin solutions.
As part of its initial steps, the company has acquired 8.88 BTC during its post-acquisition phase, followed by an additional purchase of 10 BTC after finalizing the leadership transition, elevating its total holdings to 18.88 BTC, which was valued at over $1.7 million at the time of the announcement. Riggins indicated that they plan to continue accumulating Bitcoin, adhering to Hong Kong’s prudent yet transparent regulatory framework.
“We view this as a mechanism for safeguarding our balance sheet and broadening our treasury, particularly in light of the global developments in this area,” said Riggins.
The motivation behind this strategic decision transcends mere speculation. Riggins positioned Bitcoin as a buffer against macroeconomic unpredictability, a means for enduring stability, and a pathway to emerging global financial systems. He underscored the growing engagement from corporate boards in the region towards Bitcoin, citing examples like MetaPlanet in Japan and Strategy in the United States as salient models.
Although corporate adoption of Bitcoin in Asia remains nascent, interest is rapidly escalating. Riggins pointed out countries like South Korea, Thailand, Malaysia, and Indonesia as markets ripe for similar developments. A substantial amount of progress is unfolding quietly, particularly in China, where institutional players and state-aligned investors closely observe changes in U.S. policies and trends in corporate adoption.
“I’m increasingly inundated with inquiries from individuals in government and institutional investors who are keenly monitoring this domain, seeking insights into current developments,” Riggins noted.
While no formal public initiatives have emerged from Chinese state organizations, Riggins suspects that Bitcoin is being indirectly held via government-affiliated entities, including state-linked investment groups. He suggested that these holdings might be more significant than is publicly acknowledged. As the U.S. explores a strategic Bitcoin reserve, he believes China is observing these movements and may eventually mirror similar actions if the global policy landscape evolves.
In the future, Moon Inc. aspires to broaden its Bitcoin holdings while navigating within Hong Kong’s regulatory parameters, positioning itself as a prototype for other Asian firms contemplating similar endeavors. The company is set to co-host Bitcoin Asia this upcoming August in Hong Kong, establishing itself as a pioneer in the region while encouraging wider corporate involvement with Bitcoin across Asia.
Disclaimer: This content was created on behalf of Bitcoin For Corporations. This article is intended for informational use only and should not be construed as an invitation or solicitation to acquire, purchase, or subscribe for any securities. For full transparency, it is important to note that BTC Inc., the parent company of UTXO Management, holds an interest in HK Asia Holdings Limited (1723.HK) in collaboration with Sora Ventures and other entities.
This post HK Asia Holdings Becomes First in China to Adopt Bitcoin Treasury first appeared on Bitcoin Magazine and is authored by Nick Ward.
