UTXO Administration, in collaboration with Sora Ventures and others, has acquired 70.26% of HK Asia Holdings Restricted (1723.HK) on the Hong Kong Inventory Trade. The transaction positions the brand new management group to rebrand the corporate as Moon Inc., reflecting an emphasis on Bitcoin, Web3 initiatives, and different monetary expertise ventures. Following the information, the inventory is the second-best-performing fairness on the Hong Kong inventory trade.
Tyler Evans, Managing Accomplice at UTXO Administration, the sister firm of Bitcoin Journal underneath BTC Inc., said that this transfer highlights a technique to leverage Hong Kong’s function in international markets. Sora Ventures Founder Jason Fang pointed to Hong Kong’s Bitcoin ETF launch and up to date crypto-focused occasions as indicators of a market surroundings that will help extra digital asset choices.
The acquisition consists of issuing convertible notes totaling 33,750,000 HKD, which will increase the group’s stake to round 74% upon full conversion by the buying events. UTXO Administration and Sora Ventures’ involvement follows their prior success aiding Japan’s Metaplanet, typically likened to MicroStrategy in Asia, in its Bitcoin journey.
Shares of HK Asia Holdings Restricted traded at 1.380 HKD on January 24, marking a 23.21% every day enhance with a five-day rise of 33.33%. 12 months-to-date change reached 366.67%, supported by a quantity of 13,284,000 shares.
Market capitalization is 448 million HKD, and the 2023 price-to-earnings ratio is eighteen.3x. Historic knowledge exhibits a 52-week low of 0.212 HKD on January 18, 2024, and a 52-week excessive of 1.63 HKD on January 7, 2025, indicating sturdy uptrends that might proceed given the corporate’s new path.
The rebranding to Moon Inc. will proceed upon approval, signaling a plan to discover methods tied to Bitcoin and Web3. The corporate’s title change aligns with its intention to extend publicity to digital asset markets whereas remaining energetic on the Hong Kong Inventory Trade.
Disclaimer: Sora Ventures is an investor in CryptoSlate.
The publish HK Asia inventory soars amid crypto-focused UTXO, Sora Ventures acquisition appeared first on CryptoSlate.
