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Hong Kong construction services company Ming Shing Group Holdings announced an agreement to purchase 4,250 BTC for about $483M, an undeniably major move for a sub-contractor turned bitcoin accumulation play.
What’s the Scoop?
- Deal structure: Ming Shing will acquire the bitcoin at an average price of $113,638 per coin in an OTC deal with Winning Mission Group. The transaction will be paid through convertible promissory notes and stock warrants, not cash.
- Treasury trend: The move adds Ming Shing to the growing list of public companies adopting bitcoin as a treasury asset, a trend led by Michael Saylor’s Strategy.
Bankless Take:
Unlike many crypto treasury company transactions, the Ming Shing deal involves direct issuance of convertible notes as consideration for its BTC purchase. Ming Shing's market capitalization of $25M is a mere 5% of the net purchase price.
JUST IN: 🇭🇰 Hong Kong construction company Ming Shing Group to buy 4,250 #Bitcoin worth $483 MILLION.
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Nothing stops this train 🚀 pic.twitter.com/zWKxG4C103Bitcoin Magazine (@BitcoinMagazine) August 21, 2025
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