Hong Kong-based Ming Shing Group Holdings has agreed to acquire 4,250 bitcoins worth nearly $483 million, adding digital assets to its corporate treasury.
Ming Shing Group Holdings Limited, a leading Hong Kong construction company listed on NASDAQ as MSW, signed a purchase agreement with Winning Mission Group Limited.
Ming Shing Enters Bitcoin Treasury Strategy
The deal covers 4,250 bitcoins, totaling about $482.96 million. The average price per bitcoin is $113,638. The company expects the transaction to close by December 31, 2025. Payment will occur via a convertible promissory note and share warrants.
The company also assigned 50% of the transaction value to Rich Plenty Investment Limited. In return, Rich Plenty issued a promissory note equivalent to 2,125 bitcoins. After this assignment, Ming Shing will issue convertible notes and warrants to both the seller and the assignee. Each will have the option to acquire 201.2 million ordinary shares.
This acquisition marks Ming Shing’s first step into a bitcoin treasury strategy. The company aims to hold digital assets on its balance sheet to enhance liquidity and long-term value potentially.
The convertible promissory notes carry a 3% annual interest rate and mature in ten years. Holders may convert the notes into ordinary shares at $1.20 per share, subject to adjustments. The conversion is capped so no holder can own more than 4.99% of total shares outstanding.
The warrants allow each holder to purchase up to 201.2 million ordinary shares at $1.25 per share. The term lasts 12 years. Both the notes and warrants are exempt from U.S. securities registration and follow the same ownership limitations.
“We expect this acquisition to expand our digital asset holdings,” said CEO Wenjin Li.
“It also lets us take advantage of bitcoin’s liquidity and its potential price growth.
This is a big step for us into a bitcoin treasury strategy.”
The acquisition illustrates a growing trend among Asian companies outside the financial sector, which are adopting bitcoin treasury strategies to diversify corporate assets and explore digital currency exposure.
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