Ming Shing Group enters bitcoin purchase agreement for $483 million

Ming Shing Group Holdings Limited (NASDAQ: MSW) announced it entered into an agreement to purchase 4,250 bitcoins for $482,961,500, representing an average price of $113,638 per bitcoin.

The Hong Kong-based wet trades works company will acquire the bitcoins from Winning Mission Group Limited, a British Virgin Islands company, with closing anticipated by December 31, 2025. The purchase consideration will be paid through convertible promissory notes and warrants to purchase ordinary shares.

Under a concurrent assignment agreement, Rich Plenty Investment Limited will receive 50% of the transaction value. Ming Shing will issue two convertible promissory notes of $241,480,750 each to the seller and assignee, along with warrants to purchase 201,233,958 ordinary shares each.

The convertible notes carry a 3% annual interest rate with a 120-month maturity. They can be converted to ordinary shares at $1.20 per share, subject to a 4.99% beneficial ownership limitation. The warrants have an exercise price of $1.25 per share and expire after 12 years.

"We believe the Bitcoin market is highly liquid and the investment can capture the potential appreciation of Bitcoin and increase the Company's assets," said Chief Executive Officer Wenjin Li.

Ming Shing operates through two Hong Kong subsidiaries providing plastering, tile laying, brick laying, floor screeding and marble works services to private and public sector projects.

You May Also Be Interested In

• Citadel unwinds 80% of Aschenbrenner’s portfolio risk - report
• MicroCloud Hologram acquires 140,268 MicroStrategy shares via structured note
• Nvidia makes minority investment in Cloverleaf Infrastructure