The post HK Asia stock soars amid crypto-focused UTXO, Sora Ventures acquisition appeared on BitcoinEthereumNews.com.

UTXO Management, in collaboration with Sora Ventures and others, has acquired 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., reflecting an emphasis on Bitcoin, Web3 initiatives, and other financial technology ventures. Following the news, the stock is 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 move highlights a strategy to leverage Hong Kong’s role in global markets. Sora Ventures Founder Jason Fang pointed to Hong Kong’s Bitcoin ETF launch and recent crypto-focused events as signs of a market environment that may support additional digital asset offerings. The acquisition includes issuing convertible notes totaling  33,750,000 HKD, which increases the group’s stake to around 74% upon full conversion by the acquiring parties. UTXO Management and Sora Ventures’ involvement follows their prior success aiding Japan’s Metaplanet, often likened to MicroStrategy in Asia, in its Bitcoin journey. Shares of HK Asia Holdings Limited traded at 1.380 HKD on January 24, marking a 23.21% daily increase with a five-day rise 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 2023 price-to-earnings ratio is 18.3x. Historical data shows a 52-week low of 0.212 HKD on January 18, 2024, and a 52-week high of 1.63 HKD on January 7, 2025, indicating strong uptrends that could continue given the company’s new direction. The rebranding to Moon Inc. will proceed upon approval, signaling a plan to explore strategies tied to Bitcoin and Web3. The company’s name change aligns with its intention to increase exposure to digital asset markets while remaining active on the Hong Kong Stock Exchange. Disclaimer:…

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Filed under: News - @ January 24, 2025 1:26 pm