A company that is changing the way the world mines bitcoin

crypto.news 2025-01-14 07:38:51

Hong Kong construction firm Ming Shing invests $47m in Bitcoin to boost liquidity

Hong Kong-based Ming Shing Group has invested $47 million in Bitcoin, acquiring 500 BTC as a short-term strategy to enhance liquidity and asset value. Public construction firm Ming Shing Group has joined the list of non-tech companies diversifying into cryptocurrency, investing $47 million in Bitcoin ( BTC ) to enhance liquidity and boost asset value. In a Jan. 13 press release , the Hong Kong -based company, mainly engaged in wet trades works like plastering and tile laying, announced that its wholly-owned subsidiary, Lead Benefit, purchased 500 Bitcoins at an average price of $94,375 per BTC. Ming Shing said the funds came from idle reserves and viewed the Bitcoin purchase as a “short-term investment to capture the potential appreciation of Bitcoin and increase its assets.” “The company considers that Bitcoin market is highly liquid and the Bitcoins can be easily disposed to fund the company’s wet trade works business, if required.” Ming Shing You might also like: China’s central bank spotlights Hong Kong’s crypto licensing system in new report Lead Benefit was incorporated in December 2024, with Ming Shing as its ultimate shareholder. Wenjin Li, director of Ming Shing, said the firm is confident that this investment “will not only drive our growth but also create substantial value for our shareholders.” The announcement pushed Ming Shing’s Nasdaq-listed shares (MSW) up by 10%, reaching $7.91, according to Google Finance. Meanwhile, Hong Kong is also exploring ways to embrace cryptocurrency. Legislator Wu Jiexhuang recently suggested that the region consider adding Bitcoin to its national reserves to strengthen financial security. As crypto.news reported earlier , Wu proposed that regulators first study the effects of U.S.-issued Bitcoin exchange-traded funds on the market before making any decisions about including BTC in reserves. Read more: Crypto-friendly ZA Bank considers opening physical branches in Hong Kong: report