Nasdaq-listed Ming Shing moves $483 million into Bitcoin treasury

Hong Kong-based Ming Shing Group Holdings entered a binding agreement to purchase 4,250 BTC for $482.96 million. The Nasdaq-listed company will finance the purchase through a convertible note and stock warrants. Shares rose almost 30% intraday before closing higher on the day.

Ming Shing Group Holdings signed the contract on August 20, 2025, agreeing to pay an average price of $113,638 per Bitcoin. The company will pay with a $482,961,500 convertible promissory note and a warrant package at closing.

The Hong Kong construction services company filed a U.S. Securities and Exchange Commission (SEC) Form 6-K disclosing the Bitcoin Purchase Agreement with the British Virgin Islands-registered Winning Mission Group. Closing is expected on or before December 31, 2025.

Under the agreement structure, the seller assigned 50% of the consideration to Rich Plenty Investment Limited through a concurrent assignment agreement. Ming Shing will issue each party a $241,480,750 note and a warrant to purchase 201,233,958 ordinary shares.

The notes carry 3% annual interest and mature in 120 months. They convert initially at $1.20 per share, subject to a 4.99% beneficial ownership cap. The warrants have an exercise price of $1.25 per share with the same 4.99% ownership cap and remain exercisable for 12 years from issuance.

We believe the Bitcoin market is highly liquid and the investment can capture the potential appreciation of Bitcoin and increase the Company’s assets. We are devoted to creating additional value for our shareholders and actively exploring options for the Company to grow further,

said Wenjin Li, CEO of Ming Shing.

Ming Shing operates as a “wet trades works” service provider in Hong Kong and has recently explored Bitcoin as a treasury asset. In a prior regulatory update, the company stated its intention to use idle funds for short-term BTC investments, citing liquidity and potential appreciation.