Ming Shing Group Holdings, a construction services company listed on Nasdaq, announced on Wednesday that it has entered into an agreement to purchase 4,250 Bitcoin (BTC). The deal, valued at $482.9 million, is expected to close by the end of the year.
The company will acquire the Bitcoin from Winning Mission Group, a firm based in the British Virgin Islands. The average purchase price is set at approximately $113,638 per Bitcoin. Instead of a cash payment, Ming Shing will issue convertible promissory notes and stock warrants to the seller.
The transaction also involves a third party, Rich Plenty Investment Limited, which will receive half the value of the deal. Both Winning Mission Group and Rich Plenty Investment will each be issued a convertible note worth over $241 million and a warrant to purchase more than 200 million of Ming Shing’s shares.
“We believe the Bitcoin market is highly liquid and the investment can capture the potential appreciation of Bitcoin and increase the Company’s assets,” said Wenjin Li, CEO of Ming Shing. “We are devoted to creating additional value for our shareholders and actively exploring options for the Company to grow further.”
Following the news, Ming Shing’s stock (MSW) saw a significant increase, briefly rising by 29% on Wednesday before closing the day 11.5% higher at $1.65.
The acquisition adds Ming Shing Group to a growing list of public companies that have incorporated Bitcoin into their corporate treasury strategies. Data from The Block indicates that public companies with Bitcoin on their balance sheets currently hold approximately 3.93% of the total Bitcoin supply.
