Hong Kong-based construction giant Ming Shing Group announced it has signed an agreement to purchase 4,250 bitcoins worth $483 million.

The Nasdaq-listed wet market trading company has entered into a Bitcoin purchase agreement with the British Virgin Islands-registered Winning Mission Group to sell 4,250 Bitcoins to Ming Shing at an average price of $113,638 per Bitcoin.

According to Bitcoin Treasury data, Mingcheng Group has held Bitcoin since January 13, 2025. The company currently holds 833 Bitcoins, valued at $94.93 million.

With this announcement, Mingsheng Group joins a growing list of publicly traded companies, led by Michael Saylor’s strategy firm, incorporating Bitcoin into their financial strategies. Recently, KindlyMD also notably joined the Bitcoin financial strategy fray by acquiring 5,743.91 Bitcoins through its wholly-owned subsidiary.

Latest news: Hong Kong-listed Ming Shing Group Holdings Limited ($MSW) will raise $500 million through convertible promissory notes to purchase 4,250 bitcoins.

August 20, 2025

Mingsheng to issue convertible promissory notes and warrants

The Bitcoin acquisition is expected to close by the end of the year. The Hong Kong company will issue convertible promissory notes and warrants under the agreement, according to Wednesday’s announcement.

“Under the Notes, the maturity date shall be 120 months from the original issuance date of the Notes,” the press release reads.

In addition, a third-party company, Rich Plenty Investment Limited, will receive half of the transaction value, or 2,125 bitcoins. The original seller and the third-party will each receive convertible notes valued at over $241 million and warrants to purchase 201 million shares of Ming Shing.

Mingsheng CEO Li Wenjin said that investing in Bitcoin can capture the asset’s potential appreciation. Given the extremely liquid Bitcoin market, investing in Bitcoin can also increase the company’s assets.

Li Shufu added: “We are committed to creating more value for shareholders and actively exploring ways to further develop the company.”

MSW shares rose nearly 30%.

Following the announcement of its Bitcoin purchase, shares of Ming Shing Group (MSW) surged 29% on Wednesday. The stock closed up 11.5% at $1.65, according to Yahoo Finance.

However, the stock is generally trending down and showing strong sell technical sentiment signals.