HK Asia Holdings Limited, a Hong Kong-based investment firm, has ramped up its Bitcoin stash to nearly 9 BTC, building on a surge that saw its stock price double last week after its initial cryptocurrency purchase.

In a Feb. 23 statement, the company announced that its board greenlit further Bitcoin investments, revealing a Feb. 20 purchase of approximately 7.88 BTC for $761,705.

Funded through internal resources, this latest acquisition brings HK Asia’s total Bitcoin holdings to about 8.88 BTC, acquired at an average price of $97,021 per coin—totaling roughly $861,500.

The firm’s first foray into Bitcoin came on Feb. 16 with a 1 BTC purchase, sparking a frenzy among investors. When markets reopened on Feb. 17, HK Asia’s stock soared nearly 93% by the day’s close.

As of Feb. 24, shares in HK Asia were up about 5.7% on the Hong Kong Stock Exchange, trading at approximately 6.66 Hong Kong dollars (86 cents), per Google Finance. If this level holds, the stock could surpass its June 2019 peak of 6.50 Hong Kong dollars (84 cents), capping a remarkable 1,700% rise year-to-date.

HK Asia’s Bitcoin strategy mirrors a growing trend among public companies seeking to enhance profits through cryptocurrency investments.

Earlier this month, the firm cited the “increasing popularity of cryptocurrencies in the commercial world” as a driving factor behind its initial purchase. In its latest update, HK Asia noted that its Bitcoin acquisitions fall below the legal threshold requiring mandatory disclosure but opted to share the news voluntarily.

Bitcoin’s price has remained steady over the past 24 hours, dipping slightly by less than 1% to $95,537. It has hovered below the key $100,000 mark since Feb. 5 and is down 12% from its Jan. 20 high of nearly $109,000.

‍