The cryptocurrency world has reached a historic milestone as Bitcoin surges past $100,000, marking a 5% gain within just 24 hours. While the flagship digital asset makes headlines, a wave of Hong Kong-listed stocks with direct Bitcoin exposure are outperforming even BTC itself. Investors are taking notice as companies like Boya Interactive, Bluehole Interactive, and Xiongan Technology see sharp rallies—sparking renewed interest in which firms are positioning themselves as the "Hong Kong version of MicroStrategy (MSTR)."
This surge isn’t limited to pure-play crypto firms. Bitcoin ETFs in Hong Kong have mirrored the rally, but it’s the companies holding actual Bitcoin on their balance sheets that are delivering outsized returns. As institutional adoption accelerates and macro sentiment turns bullish, understanding which stocks are truly leveraged to Bitcoin’s price action is crucial for investors seeking amplified exposure.
Boya Interactive: From Ethereum to Full Bitcoin Conviction
One of the most aggressive moves came from Boya Interactive (00434.HK), which recently announced the conversion of 14,200 Ethereum (ETH) into approximately 515 Bitcoin (BTC). The transaction was valued at $49.48 million, with the original ETH cost sitting at around $39.45 million—locking in substantial gains before reallocating capital into what many now see as digital gold.
Following this strategic shift, Boya now holds a total of 3,183 BTC, with an average acquisition cost of $57,724 per coin**. At Bitcoin’s new price level of $100,000, Boya’s Bitcoin holdings are worth over $318 million (approximately HK$2.48 billion)**—surpassing its current market capitalization of HK$4.4 billion.
This valuation disconnect suggests the market may not yet be fully pricing in the intrinsic value of its crypto reserves—a phenomenon familiar to followers of U.S.-listed MicroStrategy.
Strategic Growth Plans: Could Boya Become the MSTR of Asia?
Like MicroStrategy, which has built a multi-billion-dollar BTC treasury through debt and equity financing, Boya Interactive has signaled similar ambitions. During its November earnings call, the company stated it is actively exploring ways to increase its Bitcoin reserves, potentially through secondary share offerings or other capital-raising mechanisms.
While Boya’s current purchase volume doesn’t match MSTR’s billion-dollar buys, its strategic pivot reflects growing confidence in Bitcoin as a long-term store of value. For Hong Kong investors, this positions Boya as one of the closest analogs to MSTR in the region.
Bluehole Interactive and Xiongan Technology: Smaller But Strategic BTC Holders
Not all Bitcoin-exposed firms are making massive purchases. Bluehole Interactive (08267.HK), listed on the Hong Kong Growth Enterprise Market (GEM), disclosed in its interim report that it holds 142.8539 BTC and 848.386 ETH, acquired for a total cash outlay of $8.8 million.
Though modest compared to Boya’s holdings, Bluehole’s early adoption demonstrates a long-term conviction in digital assets. With BTC now above $100K, the value of its Bitcoin stash alone exceeds **$14.2 million**, representing a significant unrealized gain.
Meanwhile, Xiongan Technology (01647.HK) has taken a more conservative approach. Its latest annual report, as of March 31, revealed that its digital asset inventory was valued at SGD 2.227 million, entirely composed of Bitcoin. While exact BTC quantities aren't disclosed due to price volatility, this translates to roughly 22–25 BTC based on average prices during the reporting period.
Despite limited scale, both companies reflect a broader trend: Hong Kong-based firms are increasingly viewing Bitcoin as a legitimate treasury reserve asset, not just a speculative play.
Other Crypto-Linked Gainers in Hong Kong
Beyond direct holders, several crypto-adjacent companies also posted gains:
- Huoxin Technology Holdings (1611.HK): Up over 3%, this digital asset services platform continues to benefit from rising institutional demand for secure custody and trading infrastructure.
- OSL Group (0863.HK): The parent company of Hong Kong’s licensed virtual asset exchange OSL saw its shares rise more than 3%. As regulatory clarity improves in Hong Kong, OSL stands to gain from increased retail and institutional trading volumes.
These firms don’t hold Bitcoin directly but profit from the ecosystem's expansion—making them indirect beneficiaries of BTC’s bull run.
FAQ: Common Questions About Hong Kong’s Bitcoin Stock Rally
Q: Why are some Hong Kong stocks rising faster than Bitcoin itself?
A: Stocks like Boya Interactive have relatively small market caps but large Bitcoin holdings. When BTC price increases, the intrinsic value of their reserves grows disproportionately compared to their equity valuation—leading to amplified stock movements.
Q: Is holding Bitcoin on corporate balance sheets risky?
A: While BTC is volatile in the short term, many firms view it as a long-term hedge against inflation and currency devaluation. Companies with strong cash flow or diversified businesses can absorb volatility while benefiting from potential upside.
Q: Can these companies be considered “safe” Bitcoin proxies for investors?
A: They offer indirect exposure but come with operational risks unrelated to crypto—such as gaming performance or management decisions. Investors should assess each firm’s fundamentals alongside its crypto holdings.
Q: How does Hong Kong’s regulatory environment affect these stocks?
A: Hong Kong has established a clear licensing framework for crypto exchanges and asset managers, boosting investor confidence. This supportive stance makes it easier for local firms to integrate digital assets legally and transparently.
Q: Are there tax implications for companies selling Bitcoin in Hong Kong?
A: Profits from virtual asset disposals by corporations are generally not subject to profit tax if they’re considered capital gains rather than trading income—making Hong Kong an attractive jurisdiction for holding digital assets.
👉 Learn how compliant platforms are shaping the future of regulated crypto investing in Asia.
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Final Thoughts: A New Era of Corporate Bitcoin Adoption in Asia
As Bitcoin establishes itself above $100,000, the ripple effects are being felt far beyond wallet balances. In Hong Kong, a growing number of public companies are embracing BTC as part of their financial strategy—some converting other cryptos into Bitcoin, others building reserves gradually.
While no local firm yet matches MicroStrategy’s scale, Boya Interactive stands out as the closest parallel in terms of intent and execution. Meanwhile, smaller players like Bluehole and Xiongan show that even modest BTC holdings can significantly impact shareholder value during bull markets.
For global investors watching Asia’s evolving crypto landscape, these developments signal a maturing market—one where digital assets are no longer fringe experiments but core components of corporate finance.
Whether you're evaluating direct exposure via stocks or exploring broader investment avenues, the message is clear: Bitcoin's rise is reshaping balance sheets—and opportunities—across Hong Kong’s financial ecosystem.