Utxo Management has done this in collaboration with Sora Ventures and others bought 70.26% of HK Asia Holdings Limited (1723.hk) on the Hong Kong Stock Exchange. The transaction positions the new control group to rename the company into Moon Inc., which reflects the emphasis on Bitcoin, Web3 initiatives and other financial technology companies. After the news, the share is the second best performing share on the Hong Kong stock exchange.
Tyler Evans, managing partner at Utxo Management, the sister Bitcoin Magazine company under BTC Inc., stated that this step emphasized a strategy to use the role of Hong Kong on the world markets. Founder of Sora Ventures, Jason Fang, pointed to the launch of the Bitcoin ETF in Hong Kong and the recent events -oriented events such as signs of a market environment that could support the range of additional digital assets.
The acquisition includes the issue of convertible bonds for a total amount of 33,750,000 HKD, which increases the interests of the group after full conversion by the acquiring parties increases to around 74%. The involvement of Utxo Management and Sora Ventures follows their earlier success in helping the Japanese metaplanet, often compared to micro strategy in Asia, on his Bitcoin trip.
The shares of HK Asia Holdings Limited were traded on January 24 at 1,380 HKD, which means a daily increase of 23.21% with an increase of 33.33% in five days. The change since the beginning of the year was 366.67%, supported by a volume of 13,284,000 shares.
Market capitalization is 448 million HKD and the price-win ratio for 2023 is 18.3x. Historical data shows a low point in 52 weeks of 0.212 HKD on January 18, 2024, and a highest point in 52 weeks of 1.63 HKD on January 7, 2025, indicating strong upward trends that could continue in view of the new course of The company.
The rebranding to Moon Inc. will take place after approval, which indicates a plan to explore strategies related to Bitcoin and Web3. The name change of the company is in line with the intention to increase exposure to the digital asset markets and at the same time remain active on the Hong Kong Stock Exchange.
Disclaimer: Sora Ventures is an investor in CryptoSlate.
After the HK ASIA shares took a high flight in the midst of the Crypto-oriented UTXO, the takeover of Sora Ventures appeared for the first time on CryptoSlate.