HK Asia Holdings (HKEX: 1723) is about to make waves under its new name, Moon Inc., by becoming the first company in Greater China to embrace a Bitcoin treasury strategy on the public stage. During a recent dialogue with Allen Helm from Bitcoin For Corporations, newly appointed CEO John Riggins shared insights into this strategic shift, highlighting the regulatory backing in Hong Kong and a growing trend across Asia.
Riggins, a seasoned supporter of Bitcoin with vast experience in China and Southeast Asia, revealed that this decision was influenced by both a deep-seated belief in Bitcoin and a positive tilt in Hong Kong’s regulatory environment. Months of conversations with regulators, investors, and local collaborators prefaced this transformative step.
Previously centering its operations around SIM cards and prepaid tech, HK Asia Holdings now envisions Bitcoin as a backbone for both its financial holdings and business model. This pivot includes plans to launch Bitcoin services through its retail chain, encompassing offerings like Bitcoin ATMs and prepaid products.
The initial phase of this venture saw the acquisition of 8.88 BTC right after a key acquisition phase, followed by a purchase of an additional 10 BTC after Riggins stepped into his new role, totaling 18.88 BTC—worth over $1.7 million at the time. Riggins noted that they plan to acquire more Bitcoin, but this will be done cautiously, adhering to Hong Kong’s clear regulatory roadmap.
Riggins put it succinctly: “We consider it a move to safeguard our balance sheet and diversify our treasury, mindful of global financial shifts.”
This strategy reaches far beyond mere speculation. Riggins portrayed Bitcoin as a safeguard against economic unpredictability, an asset for enduring stability, and as a bridge to future global financial systems. He pointed out that corporate boards throughout the region are increasingly warming up to this concept, citing Japan’s MetaPlanet and the U.S. firm Strategy as notable examples.
As corporate Bitcoin adoption in Asia is still in its nascent phase, interest is swiftly intensifying. Riggins identified South Korea, Thailand, Malaysia, and Indonesia as countries with strong potential to join the trend. He explained much of this activity is simmering away quietly, particularly in China, where key institutional players are keeping a close watch on U.S. policies and corporate trends.
“Increasingly, I’m receiving inquiries from government contacts and institutional investors keenly observing this sector,” Riggins remarked.
Although the Chinese government hasn’t formally announced any public involvement, Riggins speculated that Bitcoin is likely already part of portfolios held by state-connected institutions, possibly in greater quantities than publicly appreciated. As the U.S. appears to be heading towards establishing a strategic Bitcoin reserve, Riggins anticipates that China will observe and possibly emulate if global policies continue evolving favorably.
Looking forward, Moon Inc. intends to bolster its Bitcoin reserves in line with Hong Kong’s regulatory guidance, setting a precedent for other Asian businesses considering similar paths. They’re also co-hosting Bitcoin Asia in Hong Kong this August, establishing their role as pioneers in the region and fostering broader corporate adoption throughout Asia.
Please be advised: This content is crafted on behalf of Bitcoin For Corporations. It serves purely for informational use and does not constitute an invitation or solicitation to purchase securities. For transparency, BTC Inc., parent to UTXO Management, holds shares in HK Asia Holdings Limited (1723.HK) alongside Sora Ventures and other partners.
