Hong Kong’s Yuxing Technology Acquires 78.2 Bitcoin for $6.3 Million

Yuxing Technology, a listed company in Hong Kong, has made significant inroads into the cryptocurrency market. Between July 25 and December 31, 2024, the company purchased 78.2 Bitcoin at an average price of $80,960 per unit, for a total of $6.3 million. To finance this purchase, Yuxing must sell 6.3 million USDT at an average price of $1 per unit.

The USDT proceeds were converted directly into Bitcoin, showing how secure the company is in crypto assets. Bitcoin is somewhat off the mark from the latest $100,000 milestone and is currently trading around $95,000, although the market is optimistic that it will gain upside this year with industry support.

Proposal to add Bitcoin to Hong Kong’s reserves

In a related development, Wu Jiexhuang, member of Hong Kong’s Legislative Council and chairman of the Web3 Virtual Asset Development Subcommittee, suggested that Bitcoin should be included in the region’s financial reserves. According to him, it is a strategic move to bring financial stability to the country and reduce dependence on traditional assets.

Jiexhuang emphasized the importance of leveraging Hong Kong’s “one country, two systems” framework to explore innovative financial strategies. He claimed that if major economies in the world start adding Bitcoin to their reserves, its value will stabilize, encouraging other countries to follow suit. As a result, the value of traditional assets will actually decline, impacting the government reserves associated with those assets.

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Efforts to improve crypto infrastructure

To stay ahead in the crypto game, The Hong Kong Exchanges and Clearing Limited (HKEX) launched a Virtual Asset Index Series earlier this year. This index will provide a reliable price benchmark that will be set for Bitcoin (BTC) and Ethereum (ETH) prices in Asia, to address global price fluctuations.

Furthermore, Hong Kong regulators are also about to finalize the licensing of several crypto exchanges, including Crypto.com, demonstrating the region’s commitment to becoming the world’s fintech crypto hub. Crypto is currently sluggish in Hong Kong due to regulatory and licensing issues with crypto exchanges, but investors are confident that Bitcoin will deliver maximum returns than traditional assets.

• Also read:
• Crypto Adoption Index 2024: US Ownership Reaches 40%, Market Cap Rises
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Trump’s Bitcoin Reserve plan has created a global impact and countries are debating whether to add Bitcoin to their regular financing model. Growing investor confidence shows that big bulls are ready to pull out all the stops for Bitcoin.