Ming Shing Group Holdings Limited, a leading Hong Kong-based construction company listed on NASDAQ under the ticker MSW, has taken a bold step into the world of digital assets. The company has signed a landmark purchase agreement with Winning Mission Group Limited to acquire 4,250 bitcoins, worth approximately $482.96 million at an average price of $113,638 per coin.
This move signals Ming Shing’s entry into a bitcoin treasury strategy, joining a growing number of corporations worldwide that are diversifying their balance sheets with digital currencies. The transaction is expected to close by 31 December 2025, with payment structured through innovative financing tools rather than direct cash outlay.
Deal Structure and Financing Strategy
The acquisition is not a simple cash purchase. Instead, Ming Shing is using a combination of convertible promissory notes and share warrants to finance the deal.
- Promissory Notes: The notes carry a 3% annual interest rate and mature in ten years. Holders have the option to convert them into ordinary shares at $1.20 per share, subject to adjustments. Importantly, no holder is allowed to own more than 4.99% of the company’s total outstanding shares, limiting any single investor’s control.
- Warrants: Alongside the notes, Ming Shing has issued warrants that allow holders to purchase up to 201.2 million ordinary shares at $1.25 per share. These warrants have a term of 12 years, giving investors long-term exposure to the company’s growth potential.
Both instruments are exempt from U.S. securities registration and follow the same ownership restrictions, ensuring compliance while opening the door to institutional interest.
Assignment to Rich Plenty Investment
A notable element of the deal is Ming Shing’s decision to assign 50% of the transaction value to Rich Plenty Investment Limited. This effectively splits the purchase, with Rich Plenty issuing a promissory note equivalent to 2,125 bitcoins.
As part of the arrangement, both Winning Mission Group and Rich Plenty will receive convertible notes and warrants, each giving them the right to acquire up to 201.2 million shares. This shared structure spreads risk and ensures that the exposure is balanced between multiple parties.
Why Ming Shing is Betting on Bitcoin
For Ming Shing, this acquisition is not just about adding an asset to its books, it is a strategic move to enhance liquidity and position the company for future value growth.
Chief Executive Officer Wenjin Li described the purchase as a major step forward. He highlighted two main goals:
- Liquidity – Bitcoin is among the most liquid digital assets in the world, making it attractive for treasury management.
- Growth Potential – With bitcoin’s historical track record of long-term price appreciation, the company sees an opportunity to strengthen shareholder value.
By holding bitcoin in its treasury, Ming Shing aligns itself with a growing trend of non-financial companies in Asia and beyond that are adopting digital currencies as part of their corporate strategy.
Broader Trend Among Asian Corporates
Ming Shing’s move reflects a wider trend where Asian companies, especially those outside the traditional financial sector, are beginning to explore digital assets. While global firms like MicroStrategy and Tesla are often cited as pioneers in corporate bitcoin adoption, Asian enterprises are now entering the space with sizeable commitments.
This trend suggests that bitcoin is moving beyond speculation and retail trading into becoming a recognised treasury asset for businesses seeking diversification and resilience against inflation or currency risks.
Looking Ahead
With a structured, long-term financing model and a clear strategy, Ming Shing’s $483 million bitcoin acquisition could set a precedent for other Asian corporates to follow. If bitcoin prices continue to rise, the company stands to benefit significantly, while also securing a reputation as an early mover in digital asset adoption within Hong Kong’s corporate landscape.
As the deal approaches its closing date in December 2025, market watchers will closely monitor how this bold treasury strategy shapes Ming Shing’s financial profile and whether more traditional industries across Asia will take similar steps into the world of bitcoin.
