Hong Kong's Ming Shing Joins Bitcoin Treasury Wave with $483M Purchase

Hong Kong-listed Ming Shing Group Holdings (NASDAQ: MSW) announced Wednesday it has entered into an agreement to purchase 4,250 Bitcoin for approximately $482.96 million, making the wet trades construction company the latest Asian firm to join the growing global wave of corporate Bitcoin treasury adoption.

The acquisition, priced at an average of $113,638 per BTC, positions Ming Shing alongside an expanding roster of public companies that have integrated cryptocurrency into their treasury strategies. The transaction is expected to close by December 31, 2025, with consideration paid through convertible promissory notes and warrant issuances rather than cash.

Ming Shing's move comes as public companies are accelerating Bitcoin adoption, with reports of multiple new companies announcing Bitcoin treasury strategies daily. The corporate Bitcoin treasury trend has gained significant momentum since companies like Strategy (recently renamed as Strategy) pioneered the strategy around 2020.

"We believe the Bitcoin market is highly liquid and the investment can capture the potential appreciation of Bitcoin and increase the Company's assets," stated CEO Wenjin Li. "We are devoted to creating additional value for our shareholders and actively exploring options for the Company to grow further."

Under the complex transaction structure, Ming Shing will issue convertible promissory notes worth $241.48 million each to both the seller, Winning Mission Group Limited, and an assignee, Rich Plenty Investment Limited. The notes carry a 3% annual interest rate and mature in 120 months, with conversion rights at $1.20 per share.

Additionally, both parties will receive warrants to purchase approximately 201 million ordinary shares each at $1.25 per share, exercisable over a 12-year period. Both the convertible notes and warrants include beneficial ownership limitations capping holdings at 4.99% of outstanding shares.

The phenomenon has expanded globally, with MicroStrategy amassing over 629,736 BTC as of August 2025, with a total value exceeding $71 billion.

The trend has particular significance for Hong Kong and Greater China, where Ming Shing joins a small but growing contingent of regional adopters, the largest holder in the territory being Boyaa Interactive International Limited, with 3,350 BTC.

Some 169 publicly traded companies have integrated Bitcoin into their treasuries, with seven of them in Hong Kong, according to data from BitcoinTreasuries.

The movement has gained additional legitimacy following regulatory developments and political support. The trend has accelerated under the Trump administration's pro-Bitcoin stance, which has given companies increased confidence to adopt cryptocurrency treasury strategies.

Ming Shing's adoption is particularly notable given its traditional business focus on wet trades construction work, including plastering, tile laying, brick laying, floor screeding, and marble works in Hong Kong. The move represents a dramatic diversification from its core construction services into digital asset holdings.

The timing coincides with broader cryptocurrency adoption in Hong Kong, where regulators have established frameworks for digital asset trading and institutional adoption. The territory's crypto ETF market and regulatory infrastructure have positioned it as a regional hub for institutional cryptocurrency adoption.