Ming Cheng Group's Hong Kong subsidiary Lead Benefit has invested another 27 million USD to purchase 333 bitcoins

2025-03-11 23:27:04

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ChainCatcher news, according to Globenewswire, Ming Cheng Group Holdings Limited (NASDAQ: MSW) is a Hong Kong company primarily engaged in masonry engineering, announced that its wholly-owned Hong Kong subsidiary Lead Benefit purchased 333 bitcoins at an average price of $81,555 per bitcoin on February 28, 2025, with a total investment of approximately $27 million. Ming Cheng intends to use its idle funds to purchase bitcoins as a short-term investment to capture the potential appreciation of bitcoins and increase its assets. The company believes that the bitcoin market has high liquidity and that bitcoins can be easily disposed of to provide funding for the company's wet work engineering business when needed.

Previous news, Lead Benefit purchased 500 bitcoins at an average price of $94,375 per bitcoin on January 9, 2025, with a total investment of approximately $47 million.

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