PANews reported on March 11 that according to Globenewswire, Mingcheng Group Holdings Limited (NASDAQ: MSW), a Hong Kong company mainly engaged in mud and water engineering, announced that its wholly-owned Hong Kong subsidiary Lead Benefit purchased 333 bitcoins at an average price of US$81,555 per bitcoin on February 28, 2025, with a total investment of approximately US$27 million. Mingcheng intends to use its idle funds to purchase bitcoin as a short-term investment to capture the potential appreciation of bitcoin and increase its assets. The company believes that the bitcoin market has high liquidity and bitcoin can be easily disposed of to provide funds for the company's wet engineering business when needed.
Earlier news revealed that Lead Benefit purchased 500 bitcoins at an average price of $94,375 per bitcoin on January 9, 2025, with a total investment of approximately $47 million.
