Asian companies step up Bitcoin (BTC) purchases: Metaplanet and HK Asia lead the way

Asian investment firms are stepping up their Bitcoin (BTC) accumulation strategies, with Japan’s Metaplanet and Hong Kong-based HK Asia Holdings at the forefront.

Tokyo-based Metaplanet disclosed on April 24 that it had added 145 Bitcoins for 1.9 billion yen (about $13.4 million), bringing its total holdings to 5,000 BTC.

Metaplanet CEO Simon Gerovich confirmed that the company has completed 50% of its initial goal of accumulating 10,000 BTC by the end of 2025.

The company has taken an active approach in its Bitcoin reserve operations, funding its acquisitions through bond issuance and Bitcoin yield strategies such as selling cash-secured BTC put options.

Metaplanet’s stock price has soared more than 3,000% since implementing its Bitcoin strategy. The company plans to hold 21,000 BTC by the end of 2026.

HK Asia Holdings plans to raise $8.35 million to buy BTC

HK Asia Holdings also announced plans to raise about HK$65 million ($8.35 million) through the issuance of new shares and convertible bonds, which may be used to purchase more BTC.

According to the document on April 23, the company signed a share subscription and convertible bond (CN) subscription agreement after the close of trading hours.

The transaction includes the issuance of 3.272 million new shares at a subscription price of HK$4.01 per share, and the issuance of convertible bonds with a total principal amount of HK$52.38 million. The newly issued shares will account for approximately 0.82% of the total outstanding shares of HK Asia Holdings.

Although the document did not mention that HK Asia Holdings intends to use the funds to purchase Bitcoin, it is widely speculated in the cryptocurrency community that the financing is expected to be used for further purchases of Bitcoin.

This speculation stems from HK Asia's decision to enter the Bitcoin market in February. After the company purchased its first batch of BTC on February 16, its stock price doubled in one day.

By February 20, HK Asia had expanded its holdings by purchasing an additional 7.88 BTC, bringing its total holdings to nearly 9 BTC, at an average purchase price of $97,021 per BTC.

HK Asia shares were up about 5.4% at the close of Hong Kong stocks on April 24, according to Google Finance data.

Saylor’s Strategy Leads Bitcoin Strategy

Michael Saylor’s Strategy, the world’s largest publicly traded Bitcoin holder, has led the Bitcoin accumulation strategy by continuously issuing convertible bonds and ATM stock offerings to fund aggressive Bitcoin purchases.

In February, Strategy announced plans to raise an additional $2 billion to purchase Bitcoin through the issuance of 0% senior convertible bonds.

As of April 20, Strategy held 538,200 BTC on its balance sheet. This figure includes the company’s recent acquisition of 6,556 BTC for approximately $555.8 million.