rewrite this title Construction Company Joins the Bitcoin Investment Trend

Hong Kong-based construction company Ming Shing Group has signed an agreement to purchase 4,250 Bitcoin for $483 million. The company will make the payment with convertible notes and share warrants instead of cash. Following the news, its stock on the Nasdaq surged by 29%, closing the day with an 11.5% increase.

This decision by the construction company strengthens the trend of traditional companies moving toward cryptocurrency investments. The company plans to complete the purchase at an average price of $113,638 per Bitcoin by the end of the year.

Construction Company’s Stock Soars 29% on Bitcoin Strategy

Ming Shing Group Holdings Limited, a company traded on the Nasdaq, excited markets with its announcement of a Bitcoin purchase agreement. Under the deal with Winning Mission Group, a company registered in the British Virgin Islands, 4,250 Bitcoin will be acquired. The most striking aspect of the deal is the payment method: Ming Shing will issue convertible notes and share warrants instead of a cash payment. This approach allows the company to make a crypto investment while preserving its cash flow.

The transaction also involves a third party, Rich Plenty Investment, which will receive half the value of the agreement. According to the press release, both the original seller and the new assignee will each receive convertible notes worth over $241 million and warrants to purchase more than 200 million shares of Ming Shing.

Wenjin Li, the CEO of Ming Shing, explained the rationale for the investment, stating, “We believe that the Bitcoin market is highly liquid and the investment can capture the potential appreciation of Bitcoin.” Li also emphasized the company’s commitment to creating additional value for its shareholders and actively exploring options for further growth.

This development adds a new participant to the trend of public companies adopting a Bitcoin treasury strategy, a movement spearheaded by Michael Saylor’s MicroStrategy. Bitcoin treasury companies currently hold 3.93% of Bitcoin’s total supply.

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