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Tether Stacks More Bitcoin With Fresh 8,888 BTC Acquisition Worth $1 Billion

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Leading stablecoin issuer Tether appears to have acquired another 8,888 Bitcoin (BTC), worth approximately $1 billion. On-chain analytics platform Onchain Lens confirmed the purchase in an X post earlier today.

Tether Continues To Stack Bitcoin

Tether, the issuer of the top USD-pegged stablecoin USDT, today purchased another 8,888 BTC, increasing its total Bitcoin reserves to new highs. Onchain Lens said that Tether acquired it on the last day of Q3, 2025.

Following the Bitcoin purchase, Tether CEO Paolo Ardoino confirmed the acquisition in an X post, saying, “yeah.” With today’s purchase, Tether’s total holdings now stand at almost 10,940 BTC.

Tether’s total BTC holdings have propelled it to second position among private companies with the most BTC reserves. The list is currently led by Block One, which currently holds 164,000 BTC, worth roughly $18.5 billion.

In the overall list, including public companies, Tether is now ranked third, behind Strategy, which leads the list by far, holding 640,031 BTC on its balance sheet, according to data from Coingecko.

It should be noted that this is not the first time that Tether has acquired such a huge amount of BTC. The company purchased a similar amount of BTC and transferred it to its wallet at the end of Q1, 2025.

To recall, Tether started buying BTC as part of its reserves back in September 2022. Subsequently, in May 2023, the firm announced that it would allocate up to 15% of its net profits each quarter to purchase more BTC.

Since announcing its BTC buying strategy, Tether has consistently enhanced its BTC reserves as part of its long-term diversification strategy. It is worth noting that Tether-backed Bitcoin treasury firm Twenty One also holds around 43,514 BTC currently.

Tether’s Bitcoin reserve wallet address, starting with “bc1qj” is also among the top ten single address holders of BTC. The wallet trails several centralized exchange cold wallets, such as those of Binance.

The Rush For Accumulating BTC

Tether’s move to accumulate BTC is not an isolated incident. An increasing number of firms have been actively purchasing BTC over the last few years, seeing the digital asset’s extraordinary price appreciation in a relatively short period.

For instance, Strategy recently added to its already high amount of BTC holdings, purchasing 196 BTC. Similarly, Cyprus-based ship-owning firm Robin Energy recently made its first BTC acquisition, as it bought the flagship cryptocurrency worth $5 million.

The trend of companies buying BTC in large amounts is likely to dry up the asset’s active circulating supply, as confirmed in a recent report by Fidelity. This could put further upside price pressure on BTC. At press time, BTC trades at $113,219, down 0.4% in the past 24 hours.

Bitcoin trades at $113,219 on the daily chart | Source: BTCUSDT on TradingView.com

Featured image from Unsplash.com, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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EA private acquisition deal expected to go smoothly, says report, as "what regulator is going to say no to the president's son-in-law?"
Game Reviews

EA private acquisition deal expected to go smoothly, says report, as “what regulator is going to say no to the president’s son-in-law?”

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The $55bn private acquisition of EA is expected to run smoothly, the Financial Times has reported, due to the influence of Jared Kushner and Saudi Arabia on The White House.

The acquisition announced yesterday will see a group of investors comprising Saudi Arabia’s Public Investment Fund, and investment firms Silver Lake and Affinity Partners, acquiring EA, the publisher known for its sports games, BioWare’s RPGs, The Sims, and many more.

Though the acquisition won’t be completed until Q1 FY27, a report from The FT suggests it won’t face much opposition.

That’s due to Saudi Arabia being considered a key ally to the US, as well as the involvement of President Trump’s son-in-law Kushner, CEO of Affinity Partners.

“Kushner has a personal relationship and he has deep ties in Saudi Arabia. He is very comfortable operating in the Middle East. It created a basis of trust,” a person briefed on the talks told the FT.

Another source stated: “We are in a regulatory environment that is welcoming of [Saudi Arabia]. We are not in what was the previous regime.”

“What regulator is going to say no to the president’s son-in-law?” stated another source close to the inner workings of the Trump administration.

The involvment of Saudi Arabia’s PIF is controversial, due to the country’s ruler Prince Mohammed bin Salman chairing the fund. He’s been blamed by the CIA for the assassination of Washington Post journalist Jamal Khashoggi, and has upheld the country’s notoriously poor human rights record.

While the last big video game acquisition – Microsoft’s acquisition of Activision Blizzard – was met with opposition, it seems this latest deal for EA will be less contested.

Eurogamer has contacted the US Federal Trade Commission for comment on EA’s private acquisition.

In a further report from the FT, it’s suggested the deal is a huge bet that AI can significantly cut EA’s operating costs.

The $55bn buyout is backed by $36bn in equity and $20bn in JPMorgan debt, which EA will need to cover. AI will therefore be a key factor in cutting costs, according to sources involved in the transaction.

Last year, EA CEO Andrew Wilson stated AI is “the very core of our business” at the company’s Investor Day 2024. “For years we have talked about our games delivering experiences that are always new and different,” he said. “We predict that with generative AI we will truly be able to fulfil this promise for billions of people for billions and billions of hours.”

One area of AI innovation for the company is efficiency, which Wilson described as not just about cost saving but “doing what we do today faster, cheaper, and at a higher quality”.

With the growing reputation of AI tools being used across the games industry, no doubt this presentation proved influential in the eventual acquisition by private investors.

In a statement to employees yesterday, Wilson stated EA’s “values and our commitment to players and fans around the world remain unchanged”. However, the deal has sparked fear among fans for the future of EA’s most queer-friendly franchises, including The Sims, Mass Effect, and Apex Legends, due to the involvement of Saudi Arabia.



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GD Culture Falls 28% on $875M Bitcoin Acquisition Deal
Crypto Trends

GD Culture Falls 28% on $875M Bitcoin Acquisition Deal

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Shares in the livestreaming and e-commerce company GD Culture Group fell 28% on Tuesday after announcing a share deal to acquire all the assets from Pallas Capital Holding, including 7,500 Bitcoin.

GD Culture will issue nearly 39.2 million shares of its common stock in exchange for all Pallas Capital’s assets, including $875.4 million worth of Bitcoin (BTC), the firm said on Tuesday. The deal was made last Wednesday.

GD Culture’s CEO and chairman, Xiaojian Wang, said the deal would “directly support” its plan to build a “strong and diversified crypto asset reserve” while benefiting from Bitcoin’s growing institutional acceptance as a reserve asset and store of value. 

The company uses artificial intelligence to create fake people and runs a livestreaming and e-commerce business via TikTok. Its acquisition would make it the 14th largest publicly listed Bitcoin holder, joining a trend of firms that are buying up cryptocurrency.

Source: BitcoinTreasuries.NET

So-called Bitcoin treasury companies have surged in 2025, with more than 190 publicly listed companies now holding the asset, up from fewer than 100 at the start of the year. The market has grown to $112.8 billion, dominated by Michael Saylor’s Strategy with a 68% share.

However, momentum has waned recently, as some investors worry that the strategy of raising capital, converting it into Bitcoin, and waiting for appreciation may not be sustainable.

GD Culture stock tanks

Shares in GD Culture Group (GDC) fell 28.16% on Tuesday to $6.99, Google Finance data shows. Shares recovered slightly in after-hours trading, rising 3.7%.

It marked GDC’s largest fall in over 12 months, sinking its market cap to $117.4 million. Shares in the company are now 97% off its all-time high of $235.80 set on Feb. 19, 2021.

Change in GDC shares on Tuesday, including after-hours. Source: Google Finance

Diluting company shares often triggers negative market reactions as it reduces ownership percentage among existing shareholders.

VanEck warned on June 16 that companies financing Bitcoin purchases through stock issuance or debt may face capital erosion if their stock prices fall, as the value of their Bitcoin holdings may not be enough to support new investments without harming existing shareholders.

Related: Chinese Bitcoin treasury firm eyes selling $500M of stock for BTC

“As some of these companies raise capital through large at-the-market (ATM) programs to buy BTC, a risk is emerging: If the stock trades at or near NAV [net asset value], continued equity issuance can dilute rather than create value,” VanEck’s head of digital assets research, Matthew Sigel, said at the time.

GD Culture set sights on Bitcoin, Trump memecoin in May

GD Culture announced its crypto treasury strategy in May, when it said it planned to sell up to $300 million of its common stock to invest in crypto, including Bitcoin and President Donald Trump’s Official Trump (TRUMP) token.

The stock offering was announced over a month after the firm received a noncompliance warning from Nasdaq related to its stockholder equity being below the minimum requirement of $2.5 million.

Magazine: Astrology could make you a better crypto trader: It has been foretold



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NFT Gaming

Bitcoin Treasury Grows As Capital B Makes Strategic Acquisition: Bullish Market Outlook Still Lingers

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With Bitcoin’s price above the $115,000 level and gradually moving towards its all-time high, it appears that accumulation among retail and institutional investors is still heavily ongoing. An area where this notable accumulation is widely present is the BTC treasury strategy, which many big companies are significantly adopting.

Large Institutions Still Doubling Down On Bitcoin

As the current bull market cycle progresses, Bitcoin, the crypto king, remains the top digital asset among prominent figures and institutions in the ever-dynamic financial sector. This trend, which initially began on a small scale, has gone worldwide.

In the midst of this growing recognition, a Bitcoin treasury strategy has gained mainstream attention and adoption. Since the first move toward owning a BTC treasury reserve, initiated by Michael Saylor’s Strategy, many large firms around the world have followed suit.

A recent report shows that Capital B, a Europe-based private equity and investment advisory firm, has taken a decisive step into the crypto space with its BTC treasury. The firm, recognized as the first BTC treasury company in Europe, recently announced a strategic BTC purchase aimed at bolstering its growing crypto reserve.

This robust adoption of the initiative since its introduction signals heightened institutional conviction in the flagship asset’s long-term value and potential. It also underscores the expanding pattern of organizations aggressively increasing their BTC reserves as a long-term tactic to maintain value and fortify balance sheets.

In the announcement shared by Alexandre Laizet, the board director of BTC treasury at Capital B, it was revealed that the company has made a strategic purchase of 48 BTC. According to the director, the 48 BTC valued at approximately €4.7 million were purchased at €98,575 per coin. 

With this fresh buy, Capital B has strengthened its position as one of the companies that is reaffirming its belief that BTC is a vital component of modern financial stability.  Following the crucial move, the company has experienced a substantial yield of 1,536.6% Year-to-Date (YTD), and a 19.4% Quarter-to-Date (QTD). As of September 15, 2025, Capital B’s holdings boast 2,249 BTC worth a whopping €206.3 million, which was purchased at €91,718 per coin. 

Capital B’s Sats Per Share Exponential Growth

It is worth noting that Capital B has experienced its sats per share climb sharply amid its Bitcoin acquisition. Over the past 10 months, the firm’s sats per share moved from 17 to 671, reflecting a spike in investor returns tied directly to BTC’s price action.

This increase demonstrates the company’s rising exposure to BTC, underscoring the potential for institutional adoption to transform conventional metrics of equity growth. Furthermore, it indicates the growing effectiveness of its treasury strategy in generating value for shareholders. 

Capital B’s massive growth in sats per share | Source: Chart from Roxom on X

According to Alexandre Laizet, Capital B’s focus since November 2024 is highly directed at BTC Yield Maximization. In addition to yield maximization, the company’s move is accompanied by its long-term vision of creating the first and largest BTC treasury company in Europe. Such an achievement will allow Capital B to lead as a cornerstone of Digital Capital Markets.

BTC trading at $115,882 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from Pixabay, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Kraken Enters Prop Trading with Breakout Acquisition
Crypto Trends

Kraken Enters Prop Trading with Breakout Acquisition

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Kraken has stepped into proprietary trading with the acquisition of Breakout, a Tampa, Florida startup that backs traders with capital.

In a Thursday announcement, crypto exchange Kraken announced the acquisition of Breakout, a startup that backs traders with up to $200,000 in capital under a “rigorous evaluation” methodology that tests risk management and strategy discipline.

“Breakout gives us a way to allocate capital based on proof of skill rather than access to capital itself… We want to build systems that reward demonstrated performance, not pedigree,” Kraken’s co-CEO Arjun Sethi said in a statement.

Proprietary or prop trading is when traders use a company’s capital rather than their own, with profits shared between the two. Traders on Breakout’s platform can keep up to 90% of their profits, the company said.

Launched in 2023, the platform supports more than 50 crypto trading pairs, including leveraged contracts on Bitcoin (BTC) and Ether (ETH).

Source: Unclesendit

Financial terms of the deal weren’t disclosed. Breakout raised $4.5 million in seed funding in 2024, and will eventually be integrated into Kraken Pro as part of the exchange’s push into trading infrastructure.

The move also follows Kraken’s acquisition of NinjaTrader, a US-based futures and trading software platform, in May 2025 for $1.5 billion. 

After the 2008 financial crisis, US banks were restricted from proprietary trading, pushing activity to independent market makers and companies like Citadel Securities, Jane Street and Jump Trading.

Prop trading has also taken root in the crypto sector. Firms like Jump Crypto, a division of Jump Trading, and DRW’s Cumberland deploy their own capital in digital assets, including through market-making activities. Meanwhile, retail-focused platforms such as Crypto Fund Trader, HyroTrader and Breakout offer evaluation-based accounts to let traders access capital.

Related:  SBI Group, Chainlink partner to bring crypto tech to Asia’s finance scene 

Exchanges are busy making TradFi acquisitions

Crypto exchanges have been acquiring companies and products to expand their offerings of traditional finance tools.

In May, Coinbase closed a $2.9 billion deal to acquire Deribit, the derivatives exchange. It was one of largest mergers in the sector to date, giving Coinbase a significant foothold in derivatives trading.

That same month, Crypto.com secured approval from Cyprus regulators after acquiring A.N. Allnew Investments Ltd. This move granted it a MiFID license to offer regulated securities and derivatives across the European Economic Area. 

On Tuesday, Japanese crypto exchange Coincheck announced plans to acquire Aplo, a Paris-based regulated digital asset brokerage for institutions. The deals gives Coincheck a foothold in Europe’s regulated markets.

Magazine: Inside a 30,000 phone bot farm stealing crypto airdrops from real users



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Thunderful Group shareholders approve $5.3 million Atari acquisition
Esports

Thunderful Group shareholders approve $5.3 million Atari acquisition

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Thunderful Group shareholders have approved a deal that sees Atari becoming the majority shareholder of the Swedish company.

On July 29, 2025, Atari announced it had entered a subscription agreement with Thunderful Group, agreeing to acquire approximately 82% of the game company’s shares for SEK 50 million (approximately $5.3 million) – before deducting related costs.

However, this agreement was subject to approval by Thunderful’s shareholders.

On August 28, 2025, Thunderful Group held an extraordinary general meeting, in which shareholders approved the agreement.

The deal sees Atari buying 333,333,334 Thunderful Group shares at SEK 0.15 each (roughly $0.02), with any amount exceeding the share’s quota value to be allocated to the non-restricted share premium reserve.

The share acquisition agreement must be signed by August 28, 2025, with the payment for the shares to be issued within three banking days in cash.

The signing of the deal makes Atari a majority shareholder of the Thunderful Group, which owns development studios Coatsink, Early Morning Studio, Studio Fizbin, Thunderful Development, and To The Sky, as well as publishers Rising Star Games and Thunderful Publishing.

Atari also recently acquired the IP rights to five Ubisoft titles: Cold Fear, I Am Alive, Child of Eden, Grow Home, and its sequel, Grow Up.

The company said it plans to re-release the games and explore opportunities to expand the titles’ reach through new platforms through”updated formats, new content, and extended distribution channels.”



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LayerZero wins $110M Stargate acquisition deal
NFT Gaming

LayerZero wins $110M Stargate acquisition deal

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Blockchain messaging protocol LayerZero has secured the $110 million acquisition of cross-chain platform Stargate after a heated, last-minute bidding war.

Summary

  • LayerZero won Stargate’s $110M acquisition with 95% DAO approval.
  • Stargate stakers to receive 50% of revenue; rest goes to ZRO buybacks.
  • Community chose LayerZero over rival bids from Wormhole, Axelar, and Across.

With one of the highest participation rates in its history, the Stargate (STG) DAO approved the acquisition on with a 95% majority vote. Over 7.5 million veSTG tokens were cast by more than 15,000 addresses. As part of the agreement, the DAO was shut down, and governance will be moved to the LayerZero (ZRO) ecosystem.

The Stargate DAO has approved our acquisition of Stargate (STG).

We’ve spent four years building the rails to reinvent how value moves. Today, we accelerate our network effects.

LayerZero is better money technology.

Stargate is the interface for value transfer. pic.twitter.com/U1QI1308dV

— LayerZero (@LayerZero_Core) August 24, 2025

Stargate to shift to LayerZero control

Under the final agreement, Stargate stakers will receive 50% of protocol revenue for the next six months. The remaining 50% will be allocated toward LayerZero’s ZRO token buybacks, which will strengthen token value. Additionally, holders of STG tokens will be able to convert them into ZRO at a fixed exchange rate of 1 STG = 0.08634 ZRO, starting Monday, Aug. 25.

This is a structural change that aligns Stargate’s cross-chain liquidity infrastructure with LayerZero’s wider interoperability strategy as governance and operations move under the LayerZero umbrella.

Rival bids fail to sway Stargate vote

Gaining approval wasn’t an easy process. Because it terminated Stargate’s staking program and allegedly undervalued its strong revenue generation, LayerZero’s original proposal drew criticism from the community. Rivals were able to take advantage of this discontent, which led to a rare multi-protocol bidding war in decentralized finance.

Wormhole (W), Axelar (AXL), and Across Protocol joined the battle immediately, with Wormhole even offering an all-cash bid of $120 million with accelerated payouts for holders of Stargate tokens. Despite the higher offer, Stargate’s community ultimately stuck with LayerZero, emphasizing strategic alignment over short-term gains.

Before being spun out as a DAO in 2022, LayerZero Labs initially incubated Stargate in 2021. LayerZero’s reacquisition of Stargate solidifies its ecosystem and improves its standing in the cross-chain messaging and liquidity space in a time when interoperability is still a major DeFi bottleneck,

Now that the acquisition is complete, focus is on how LayerZero will incorporate Stargate’s infrastructure and whether the move will provide long-term benefits to both ZRO holders and Stargate’s loyal supporters.





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Stargate Votes Through LayerZero’s $110M Acquisition
Crypto Trends

Stargate Votes Through LayerZero’s $110M Acquisition

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Blockchain messaging protocol LayerZero has won the bid to acquire crypto protocol Stargate after a shaky first offer and a late four-way bidding war.

Stargate’s community voted on Sunday with a 95% majority to greenlight the LayerZero Foundation’s $110 million acquisition proposal, which it amended after holders of the Stargate (STG) token said the original deal was unfair.

Three of LayerZero’s rivals also put in last-minute bids or intent-to-bids to acquire Stargate, with one bidder, Wormhole, unsuccessfully asking for the vote on LayerZero’s acquisition to be paused.

LayerZero developed and launched Stargate in 2022, and the deal now sees the platform come back under its control. Stargate facilitates transfers across blockchains using liquidity pools that it says allow assets to be transferred natively instead of relying on blockchain bridges, which have a history of being hacked.

LayerZero claims record participation 

LayerZero co-founder and CEO Bryan Pellegrino wrote on X on Sunday that the Stargate community vote had “the highest participation of any vote” in the platform’s history.

The voting website shows over 15,000 addresses took part, with 94.76% representing 7.2 million STG tokens voting in favor, while 5.24%, or 399,400 tokens, voted against. 

“Not only did ~95% of the stake weight vote in the affirmative, but ~95% of addresses voted in the affirmative,” Pellegrino added.

Source: Bryan Pellegrino

Wormhole made offer for Stargate

Wormhole made an offer on Saturday after saying on Wednesday that it would “submit a meaningfully higher bid,” and that LayerZero “doesn’t create a compelling offer, which values Stargate’s ongoing business at an unreasonably low number.”

Wormhole pitched a $120 million all-cash purchase that would see stakers of Stargate’s token “receive 3x the projected revenue for the next 6 months, accelerated and paid immediately, as part of our successful acquisition.”

Axelar, Across also considered a bid for Stargate

The cross-blockchain platforms Axelar Network and Across Protocol also signalled their interest in bidding for Stargate on Sunday, with both noting that the vote on LayerZero’s bid would need to be paused.

Across co-founder Hart Lambur posted to Stargate’s forum that it’d been suggested to him that his platform submit an offer for Stargate, but he had “no interest in rushing an 11th-hour proposal, however if this process is slowed down and other bids are properly considered, Across will participate.

The Axelar Foundation posted to the forum a few hours later that it had a “strong interest” in bidding if a “competitive process” was created for the acquisition, it would pitch “a comprehensive proposal and encourage Stargate to collect all options before making a decision.”

However, Stargate Foundation lead Angus Lamps said in response to the bids that the vote on LayerZero’s bid can’t be paused, and Stargate “has been engaging with any parties” that sign a non-disclosure agreement and want to conduct due diligence.

Related: Aave drops over 8% on rumors of World Liberty Financial token deal 

LayerZero’s initial proposal pitched using Stargate’s excess revenue for a ZRO buyback program, which some Stargate community members called “not attractive at all” as it didn’t offer advantages to STG holders.

It revised the offer on Sunday to give Stargate stakers half of all top-line revenue for six months, with the remaining half used to buy back its LayerZero (ZRO) token.

Under the approved deal, all circulating STG will be swapped for ZRO at a ratio of 1 STG to 0.08634 ZRO.

Magazine: Solana Seeker review: Is the $500 crypto phone worth it?



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GameFi Guides

Eric Trump’s BTC Price Predictions, Acquisition Plans, and Metaplanet Visit

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Eric Trump is deepening his role in digital assets with reported plans to attend a shareholder meeting in Tokyo, public predictions about bitcoin’s price, and new corporate ventures that extend the Trump family’s crypto push into Asia.

Bloomberg reported Friday that Trump will join a Sept. 1 shareholder meeting of Metaplanet, a Japanese company following Michael Saylor’s Strategy (formerly, MicroStategy) playbook, citing people familiar with the matter. Trump was appointed as a strategic adviser in March. His Tokyo stop will apparently follow an appearance at the Bitcoin Asia conference in Hong Kong on Aug. 28–29.

A day earlier, Trump appeared at the Wyoming Blockchain Symposium, where he described himself as a “bitcoin maxi” and said he now spends more than half his time on crypto projects. He predicted bitcoin would reach $175,000 by the end of 2025 and eventually climb past $1 million. He argued that bitcoin and blockchain could address flaws in traditional finance, such as slow payments and settlement processes.

The Financial Times reported onAug. 15 that American Bitcoin — a miner and treasury company co-founded by Eric Trump and his brother Donald Trump Jr. — is exploring acquisitions of listed firms in Japan and Hong Kong to use them as vehicles for stockpiling bitcoin, following the playbook pioneered by Michael Saylor’s MicroStrategy. The company is preparing to go public in the U.S. through a reverse merger with Nasdaq-listed Gryphon Digital Mining. Eric Trump is a co-founder and the chief strategy officer.

American Bitcoin emerged in May from a reorganization of American Data Centers, a Trump-linked entity that absorbed rigs from Canadian operator Hut 8. The firm has said it aims to become the world’s most efficient bitcoin accumulation platform, combining active treasury management with new coin production.

The Trumps’ crypto ambitions extend beyond Eric Trump. Trump Media & Technology Group, parent of Truth Social, raised more than $2 billion in the second quarter to create a bitcoin treasury. President Donald Trump disclosed in June $57 million in income from World Liberty Financial, a crypto startup launched last September.

Together, these moves highlight how Eric Trump and his family are aligning themselves with crypto at a time when Japan and Hong Kong are competing to attract digital asset firms.

Japan’s Financial Services Agency (FSA) will approve the first yen-denominated stablecoin as early as this fall. Meanwhile, Hong Kong has introduced the Stablecoins Ordinance, a regulatory framework that requires fiat-referenced stablecoin issuers to obtain a license from the Hong Kong Monetary Authority (HKMA).



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Hong Kong Firm Stock Jumps On $483M Bitcoin Acquisition Plan
Crypto Trends

Hong Kong Firm Stock Jumps On $483M Bitcoin Acquisition Plan

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Nasdaq-listed Hong Kong construction firm Ming Shing Group Holdings said Wednesday it has entered into an agreement to acquire 4,250 Bitcoin for nearly $483 million, joining the wave of companies adding the cryptocurrency to their treasuries.

If successful, the deal would make Ming Shing Hong Kong’s top Bitcoin (BTC) treasury according to BitcoinTreasuries.NET data, surpassing even Buyaa Ineractive International with its 3,350 BTC as Bitcoin and crypto adoption take the corporate world by storm.

“We believe the Bitcoin market is highly liquid and the investment can capture the potential appreciation of Bitcoin and increase the Company’s assets,” Wenjin Li, CEO of Ming Shing, said.

Ming Shing’s financials show it has been under pressure, with a negative profit margin of -3.9% in 2025 and a $5.35 million loss before interest and taxes, according to Stock Analysis data.

Related: The Bitcoin treasury model is breaking, but Strategy’s isn’t. Here’s why

Ming Shing will not pay cash for the BTC. Instead, it plans to issue 10-year, 3% convertible notes (convertible at $1.20/share) and 12-year warrants covering a total of 402,467,916 shares (exercisable at $1.25/share).

Two British Virgin Islands-based firms are involved. Winning Mission Group is selling the 4,250 BTC and will receive a $241,480,750 convertible note plus a warrant for 201,233,958 shares. Rich Plenty Investment will receive the same package from Ming Shing and issue a promissory note to Winning Mission for 2,125 BTC.

Massive potential dilution for shareholders

The structure could sharply dilute Ming Shing’s existing shareholders. The company currently has fewer than 13 million shares outstanding. If the convertible notes are exercised but warrants remain unexercised, the share count would jump to more than 415 million, leaving current shareholders with about 3.1% ownership.

In a worst-case scenario — if all notes, warrants and accrued interest were converted — Ming Shing’s share count could rise to nearly 939 million, reducing current holders to about 1.4% ownership. The transaction also depends on shareholder approval to authorize more shares, since the company currently has only 100 million authorized.

Related: 10 public companies that quietly turned their balance sheets into Bitcoin treasuries

According to Google Finance data, Ming Shing stock spiked sharply on the news, despite trading bearishly over the longer term. The company’s stock has faced steep declines over the past year, losing 70.5% in value, including a 44% drop in the past month and 24% over the past five days.

The initial upward price movement reached $2.15 on Wednesday, but most of the gains were lost on the same day. Still, at Ming Ching’s current price of $1.65, the stock is nearly 11.5% up on Thursday.

Ming Shing Group Holdings Ltd 24-hour price chart. Source: Google Finance

Hong Kong pushes deeper into crypto

The announcement comes as Hong Kong continues its push to become a digital asset hub. Regulators approved spot Bitcoin and Ether exchange-traded funds in April 2024 and issued the first crypto asset service provider licenses earlier this year.

In February, the Securities and Futures Commission (SFC) introduced the “ASPIRe” roadmap to guide local regulation. Earlier this month, the SFC finalized a stablecoin ordinance criminalizing unlicensed issuers and issued new custody guidance for crypto companies.

Reports this week also indicated that CMB International Securities, a subsidiary of one of China’s top banks, had begun offering virtual asset trading services in Hong Kong.

Magazine: Bitcoin OG Willy Woo has sold most of his Bitcoin: Here’s why



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