UTXO management, in collaboration with Sora Ventures and others, has bought 70.26% of HK Asia Holdings Limited (1723.hk) on the Hong Kong Stock Exchange. The transaction positions the new control group to rebrand the company as Moon Inc., as a result of an emphasis on Bitcoin, Web3 initiatives and other financial technology companies. After the news, the shares are the second best performing equity on the Hong Kong Stock Exchange.
Tyler Evans, managing partner at Utxo Management, the sister Company of Bitcoin Magazine under BTC Inc. stated that this movement emphasizes a strategy to use the role of Hong Kong on the world markets. Sora Ventures founder Jason Fang pointed to the Bitcoin ETF launch of Hong Kong and recent crypto-oriented events such as signs of a market environment that can support additional digital assets offers.
The acquisition includes issuing convertible notes of a total of 33,750,000 HKD, which increases the interest of the group to around 74% after full conversion by the acquiring parties. The involvement of Utxo Management and Sora Ventures follows their earlier success in helping the Japanese metaplanet, often compared to micro strategy in Asia, during his Bitcoin trip.
Shares of HK Asia Holdings Limited traded on January 24 at 1,380 HKD, which marks a daily increase of 23.21% with a five -day increase of 33.33%. Year-to-date change reached 366.67%, supported by a volume of 13,284,000 shares.
Market capitalization is 448 million HKD and the price-gain ratio of 2023 is 18.3x. Historical data show a low 52 weeks of 0.212 HKD on January 18, 2024, and a highest point in 52 weeks of 1.63 HKD on January 7, 2025, which indicates strong uptrends that could continue the new direction of the company.
The rebranding to Moon Inc. Will continue after approval, which indicates a plan to explore strategies that are bound by Bitcoin and Web3. The name change of the company corresponds to his intention to increase exposure to digital asset markets and at the same time remain active on the Hong Kong Stock Exchange.
Disclaimer: Sora Ventures is an investor in CryptoSlate.
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