As Bitcoin Plummets, Giant Asian Company Announces Massive Bitcoin Purchase

Bitget App

Trade smarter

Bitcoinsistemi2025/01/14 01:33

By:Mete Demiralp

While Bitcoin experienced a sudden drop today, a giant company from the Far East reported that it purchased a large amount of Bitcoin.

Ming Shing Group Holdings Limited, a Hong Kong-based company specializing in construction trades, has made a bold entry into the cryptocurrency market.

The company announced in a press release that its wholly owned subsidiary Lead Benefit (HK) Limited purchased 500 Bitcoins worth a total of approximately $47 million at an average price of $94,375 per Bitcoin.

The acquisition was completed on January 9, 2025, as part of Ming Shing’s strategy to use idle funds for short-term investment. The company aims to capture potential appreciation in Bitcoin’s value while maintaining the flexibility to liquidate assets and reinvest in its construction trades business when necessary.

Related News Tether (USDT) Made the Expected El Salvador Move: Published on the Official Site

“We are excited about our Bitcoin investment,” said Mr. Wenjin Li, director of Ming Shing. “We are confident that this investment will not only drive our growth but also create significant value for our shareholders. We are also actively exploring options for the company’s further growth.”

Lead Benefit (HK) Limited recently merged with Lead Benefit International Limited, a British Virgin Islands (BVI) business entity, as its sole shareholder on 23 December 2024.

*This is not investment advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!