Hong Kong-based construction company Ming Shing Group Holdings Limited has announced plans to acquire 4,250 Bitcoin for approximately $483 million, marking another significant entry into the growing roster of corporate Bitcoin treasury holders.
Bitcoin price remained steady at $113,000 as the NASDAQ-listed company (MSW) revealed it has entered into a Bitcoin purchase agreement with Winning Mission Group Limited at an average price of $113,638 per Bitcoin. The transaction, expected to close by December 31, 2025, will be financed through convertible promissory notes and share warrants rather than cash.
“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, Chief Executive Officer of Ming Shing. “We are devoted to creating additional value for our shareholders and actively exploring options for the Company to grow further.”
The construction firm’s ambitious Bitcoin acquisition reflects its aggressive approach to Bitcoin treasury management. The announcement sent the company’s stock surging up to 10% on August 21.
Under the agreement’s structure, Ming Shing will issue two convertible promissory notes of $241.48 million each, along with warrants to purchase 201.23 million ordinary shares to both the seller and an independent third-party assignee, Rich Plenty Investment Limited. The notes carry a 3% annual interest rate and a 120-month maturity period.
This move by Ming Shing represents a growing trend we’re seeing among Asian corporations adopting Bitcoin as a treasury asset. What’s particularly interesting is the creative financing structure using convertible notes, which could become a model for other companies looking to build Bitcoin positions.
The convertible notes can be converted into ordinary shares at $1.20 per share, while the warrants have an exercise price of $1.25 per share and a 12-year exercise period. Both instruments include a 4.99% beneficial ownership limitation to prevent excessive dilution.
Ming Shing’s entry into the Bitcoin market comes amid an unprecedented surge in corporate Bitcoin treasury adoption, with several major companies establishing dedicated Bitcoin acquisition vehicles in 2025. The trend has accelerated particularly in Asia and the US, where regulatory clarity and institutional acceptance have created a favourable environment for corporate Bitcoin investment.
The construction company’s move reflects a broader trend of traditional businesses diversifying their treasury holdings with Bitcoin. In the past month alone, several publicly listed Asian companies have announced Bitcoin treasury initiatives, highlighting the growing mainstream acceptance of Bitcoin as a corporate asset.
Ming Shing, primarily known for its wet trades works such as plastering, tile laying, and marble works in Hong Kong, represents an interesting case of traditional industries embracing Bitcoin. The company’s decision to enter the Bitcoin market suggests that corporate Bitcoin adoption is expanding beyond the technology and financial services sectors.