Hong Kong construction giant Ming Shing Group Holdings Limited has signed a purchase agreement worth $482.96 million for 4,250 BTC, marking its entry into Bitcoin treasury holdings. The agreement, made with Winning Mission Group Limited, sets an average purchase price of $113,638 per Bitcoin, with the deal expected to close by December 31, 2025.
The structure involves convertible promissory notes with a 3% annual interest rate and 10-year maturity, along with share warrants. To balance the deal, 50% of the transaction value was assigned to Rich Plenty Investment Limited, which received equivalent notes. Both the seller and assignee will have the option to convert notes into up to 201.2 million shares at $1.20 per share, capped to avoid concentrated ownership.
This marks Ming Shing’s first foray into Bitcoin as a corporate treasury asset. The company said the move is intended to enhance liquidity, diversify reserves, and build long-term value on its balance sheet.
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