Mentioned:
One of the leading construction companies in Hong Kong is buying something new: Bitcoin.
What’s happening:
- Hong Kong based construction company Ming Shing Group Holdings (NASDAQ: MSW) has announced they have purchased Bitcoin to hold directly as an asset for the first time ever
By the numbers:
- Ming Shing Group Holdings purchased 500 Bitcoin for approximately $47M USD
- Ming Shing Group Holdings average cost basis is $94,375 USD per Bitcoin
Why it matters:
- Publicly listed companies buying Bitcoin has been an unstoppable trend of late, which has been largely led by massive purchases from companies such as MicroStrategy (NASDAQ: MSTR) and Riot Platforms (NASDAQ: RIOT)
Going deeper:
- Ming Shing Group Holdings primary business is focused on plastering, tile laying and brick works for projects located within Hong Kong
