Hong Kong-based construction giant Ming Shing Group has announced a pact to purchase 4,250 Bitcoin, valued at $483 million.
The Nasdaq-listed firm that engages in wet trades has entered a Bitcoin purchase agreement with British Virgin Islands-registered Winning Mission Group. The company will sell 4,250 BTC to Ming Shing at an average price of $113,638 per Bitcoin.
According to Bitcoin Treasuries data, Ming Shing Group has been holding Bitcoin since January 13, 2025. The firm currently holds 833 Bitcoin, valued at $94.93 million.
With the announcement, Ming Shing has joined a flurry of public companies that have incorporated Bitcoin into their treasury strategy, led by Michael Saylor’s Strategy. Recently, KindlyMD made a dramatic entrance into the Bitcoin treasury race, acquiring 5,743.91 BTC through its wholly owned subsidiary.
Ming Shing to Issue Convertible Promissory Notes, Stock Warrants
The Bitcoin purchase deal is expected to close by end of this year. Per the announcement on Wednesday, the Hong Kong firm will issue convertible promissory notes and share warrants, in pursuant to the agreement.
“Pursuant to the Note, the maturity date is 120 months from the original issuance date of the Note,” the release read.
Further, a third-party firm, Rich Plenty Investment Limited, will receive half the value of the deal, which is 2,125 Bitcoin. The original seller and the third-party will each get a convertible note worth over $241 million and a warrant to buy Ming Shing’s shares of 201 million.
According to Wenjin Li, CEO of Ming Shing, the Bitcoin investment could capture the potential appreciation of the asset. It would also increase the Company’s assets, given that the market is highly liquid.
“We are devoted to creating additional value for our shareholders and actively exploring options for the Company to grow further,” Li added.
MSW Stock Jumps Nearly 30%
Following the BTC purchase announcement, Ming Shing’s stock (MSW) surged 29% on Wednesday. The stock closed the day 11.5% higher to trade at $1.65, per Yahoo Finance data.
However, the stock has been on a general downtrend, with a Strong Sell technical sentiment signal.
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