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While Bitcoin is experiencing a decline, a major Far Eastern company announced that it has purchased a large amount of Bitcoin!
Ming Shing Group Holdings Limited, a Hong Kong-based company specializing in construction trade, made a bold entry into the cryptocurrency market.
The company announced in a press release that its wholly-owned subsidiary Lead Benefit (HK) Limited has purchased 500 Bitcoins worth approximately 47 million dollars at an average price of $94,375 per Bitcoin.
The purchase transaction was completed on January 9, 2025 as part of Ming Shing's strategy to use idle funds for short-term investment. The company aims to capture the potential appreciation in the value of Bitcoin while maintaining the flexibility to liquidate assets when necessary and reinvest in construction trading operations.
Wenjin Li, Director of Ming Shing, said, 'We are excited about our Bitcoin investment' and added, 'We are confident that this investment will not only contribute to our growth but also create significant value for our shareholders. We are also actively exploring options for further expansion of the company.'
Lead Benefit (HK) Limited recently merged with Lead Benefit International Limited, a British Virgin Islands (BVI) commercial entity, as its sole shareholder on December 23, 2024.