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UTXO Management, successful collaboration with Sora Ventures and others, has acquired 70.26% of HK Asia Holdings Limited (1723.HK) connected the Hong Kong Stock Exchange. The transaction positions the caller power radical to rebrand the institution arsenic Moon Inc., reflecting an accent connected Bitcoin, Web3 initiatives, and different fiscal exertion ventures. Following the news, the banal is the second-best-performing equity connected the Hong Kong banal exchange.
Tyler Evans, Managing Partner astatine UTXO Management, the sister institution of Bitcoin Magazine nether BTC Inc., stated that this determination highlights a strategy to leverage Hong Kong’s relation successful planetary markets. Sora Ventures Founder Jason Fang pointed to Hong Kong’s Bitcoin ETF launch and caller crypto-focused events arsenic signs of a marketplace situation that whitethorn enactment further integer plus offerings.
The acquisition includes issuing convertible notes totaling 33,750,000 HKD, which increases the group’s involvement to astir 74% upon afloat conversion by the acquiring parties. UTXO Management and Sora Ventures’ engagement follows their anterior occurrence aiding Japan’s Metaplanet, often likened to MicroStrategy successful Asia, successful its Bitcoin journey.
Shares of HK Asia Holdings Limited traded astatine 1.380 HKD connected January 24, marking a 23.21% regular summation with a five-day emergence of 33.33%. Year-to-date alteration reached 366.67%, supported by a measurement of 13,284,000 shares.
Market capitalization is 448 cardinal HKD, and the 2023 price-to-earnings ratio is 18.3x. Historical information shows a 52-week debased of 0.212 HKD connected January 18, 2024, and a 52-week precocious of 1.63 HKD connected January 7, 2025, indicating beardown uptrends that could proceed fixed the company’s caller direction.
The rebranding to Moon Inc. volition proceed upon approval, signaling a program to research strategies tied to Bitcoin and Web3. The company’s sanction alteration aligns with its volition to summation vulnerability to integer plus markets portion remaining progressive connected the Hong Kong Stock Exchange.
Disclaimer: Sora Ventures is an capitalist successful CryptoSlate.
The station HK Asia banal soars amid crypto-focused UTXO, Sora Ventures acquisition appeared archetypal connected CryptoSlate.
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