Hong Kong Construction Company Buys Nearly $500M in BTC

Hong Kong construction services company Ming Shing Group Holdings announced an agreement to purchase 4,250 BTC for about $483M, an undeniably major move for a sub-contractor turned bitcoin accumulation play.

What’s the Scoop?

• Deal structure: Ming Shing will acquire the bitcoin at an average price of $113,638 per coin in an OTC deal with Winning Mission Group. The transaction will be paid through convertible promissory notes and stock warrants, not cash.
• Treasury trend: The move adds Ming Shing to the growing list of public companies adopting bitcoin as a treasury asset, a trend led by Michael Saylor’s Strategy.

Bankless Take:

Unlike many crypto treasury company transactions, the Ming Shing deal involves direct issuance of convertible notes as consideration for its BTC purchase. Ming Shing's market capitalization of $25M is a mere 5% of the net purchase price.