Hong Kong-based HK Asia Holdings has expanded its Bitcoin holdings, purchasing an additional 10 BTC for approximately $858,581.

The purchase brings the firm’s total Bitcoin (BTC) holdings to 18.88 BTC, valued at around $1.72 million.

The acquisition follows a Feb. 23 board approval allowing HK Asia to increase its Bitcoin investments. The company had previously purchased 1 BTC on Feb. 16 and 7.88 BTC on Feb. 20, financing the acquisitions through internal cash reserves.

Store of value

HK Asia sees Bitcoin as a store of value and hedge against fiat currency depreciation. The company voluntarily disclosed the purchase despite not being required under Hong Kong Stock Exchange rules. 

Following its initial Bitcoin purchase, HK Asia’s stock price nearly doubled, and its latest announcement saw shares climb another 5.7% on Feb. 24.

The firm joins a growing list of publicly traded companies adding Bitcoin to their balance sheets. U.S.-based KURL Technology Group recently disclosed a $10 million Bitcoin investment, while Japan’s Gumi has announced plans to buy JPY 1 billion worth of BTC by May.

Companies like Strategy and MetaPlanet have led the charge with periodic Bitcoin investments.