Hong Kong Investment Firm’s Board Approves More Bitcoin Purchases

HK Asia Holdings Limited has substantially expanded its Bitcoin holdings, now possessing close to 9 BTC after buying an extra 7.88 BTC on February 20 for about $761,705. The company’s board has sanctioned additional investments in Bitcoin, citing the increasing popularity of cryptocurrencies in business markets. This follows its first Bitcoin acquisition of 1 BTC, which saw its stock price jump by almost 93 per cent when markets reopened.

Even though the relatively modest holdings, HK Asia made the voluntary disclosure of the purchase, stressing its conviction that Bitcoin holds long-term value. Since February 24, the company’s shares have appreciated by 5.7 per cent, as seen in investor fervor. Bitcoin itself has not budged, trading at about $95,537, yet still below the $100,000 psychological threshold, CoinTelegraph reported.

Crypto Mining Company Bgin Blockchain Submits for $50M US IPO

Singaporean mining rig manufacturers Bgin Blockchain made an initial public offering (IPO) filing in the U.S. to raise $50 million. The firm wants to list its Class A shares on Nasdaq under the ticker “BGIN” and has filed a registration statement that describes its plan to offer 59.54 million Class A shares and 15.69 million Class B shares. Bgin is mainly engaged in alternative cryptocurrency mining and has more than 4,000 mining rigs in the U.S.

CoinTelegraph reported, Bgin’s move to go public comes in the wake of a spate of crypto companies looking to pursue IPOs, especially following Donald Trump’s election victory, which has been seen as being pro-crypto. Other companies, including eToro and BitGo, have also been speculated to be mulling IPOs. With more than 85 per cent of its 2022 revenue from sales of mining equipment, Bgin’s public listing may give it more funds to grow its business.

Montana Rejects Bill to Make Bitcoin a State Reserve Asset

Lawmakers in Montana have rejected House Bill No. 429, which sought to include Bitcoin as a state reserve asset along with precious metals and stablecoins. The bill, which was defeated by a 41-59 vote, drew criticism from lawmakers who felt that investments in cryptocurrency were too speculative for taxpayers’ money. Opponents contended that the state’s investment board should not have the authority to invest in very volatile digital currencies.

Supporters of the bill argued that failing to pass the bill would equate to losing purchasing power, as conventional bond investments return less than Bitcoin. Although 24 states have proposed comparable Bitcoin reserve bills, Montana’s rejection indicates ongoing doubt among U.S. lawmakers. Nevertheless, Utah has made gains, recently moving its own Bitcoin reserve legislation through the Senate, according to CoinTelegraph.