Ming Cheng Group Holdings Limited (NASDAQ: MSW), a Hong Kong company primarily engaged in muddy works, announced that its wholly-owned Hong Kong subsidiary, Lead Benefit, purchased 333 bitcoins on February 28, 2025 at an average price of $81,555 per bitcoin, for a total investment of approximately $27 million. Ming Cheng intends to use its idle funds to purchase bitcoin as a short-term investment to capture the potential appreciation of bitcoin and increase its assets. The company believes that the bitcoin market is highly liquid and that bitcoin can be easily disposed of in order to fund the company's wet work engineering business if needed.
Lead Benefit bought 500 bitcoins on January 9, 2025 at an average price of $94,375 per bitcoin, for a total investment of about $47 million.
Mingcheng Group's Hong Kong subsidiary Lead Benefit once again spent $27 million to buy 333 bitcoins
2025-03-11 15:29:14
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