As Hong Kong continues to open its doors to Web3 innovation, the region’s financial landscape is undergoing a transformative shift. Beyond institutional investors snapping up U.S. spot Bitcoin ETFs, a growing number of Hong Kong-listed companies are actively entering the cryptocurrency space. From strategic asset allocation to full-scale business integration, these firms are leveraging blockchain technology and digital assets to diversify operations, revitalize stagnant businesses, and capitalize on emerging market opportunities.
This article explores eight Hong Kong-listed companies making bold moves in the crypto ecosystem — investing millions in Bitcoin, Ethereum, and stablecoins, launching Web3 initiatives, funding blockchain startups, and even preparing subsidiaries for overseas IPOs. These developments not only reflect a broader trend toward digital transformation but also signal strong confidence in the long-term value of cryptocurrencies.
Core Keywords
- Hong Kong crypto investments
- Web3 adoption by listed companies
- Bitcoin ETF Hong Kong
- blockchain business transformation
- digital asset allocation
- crypto market trends 2025
- Web3 gaming development
- institutional crypto holdings
1. Boyaa Interactive: $100 Million Crypto Investment Plan Drives 1130% Profit Surge
Boyaa Interactive, primarily known as a mobile game developer, has repositioned itself as a forward-thinking Web3 player. In August 2023, the company announced a $5 million budget to purchase Bitcoin and Ethereum using cash reserves from its Hong Kong and overseas operations. Just months later, it escalated its ambitions with a new resolution: **up to $100 million** to be allocated over the next 12 months for acquiring major cryptocurrencies including BTC, ETH, and USDT.
By March 2025, Boyaa had acquired 1,110 BTC at an average price of $41,790 and **14,855 ETH** at $2,777 per coin, along with approximately 8 million USDT. As of mid-May 2025, these holdings generated over $30.3 million in unrealized gains, significantly boosting its financial performance. The company reported a staggering 1130% year-on-year profit increase in Q1 2025, largely driven by crypto appreciation.
Beyond direct investments, Boyaa is building a robust Web3 ecosystem:
- Invested $1 million in Pacific Waterdrip Digital Asset Fund SPC, focusing on metaverse, NFTs, and Web3 infrastructure.
- Participated in the $1.25 million seed round of RootData, a Web3 asset data platform.
- Committed $500,000 to AWAKENING VENTURES, targeting programmable Bitcoin networks and Web3 gaming.
The company has also established an internal Web3 research and operations team dedicated to developing Web3 games, wallets, and DeFi products — signaling a comprehensive pivot toward decentralized technologies.
2. Coolpad Group: $27.8 Million in Crypto Assets and Plans to Spin Off U.S.-Listed Mining Arm
Once a dominant name in Chinese smartphones, Coolpad Group has struggled with declining revenues and mounting losses. With core business performance lagging — reporting a HK$117 million net loss in H1 2023 — the company is now betting big on crypto to turn the tide.
In early 2024, Coolpad’s subsidiary Digital Tech invested $27.86 million in digital assets:
- Purchased 1.5 million shares of Cleanspark (CLSK) for $23.84 million (avg. $15.89/share).
- Acquired 113,000 shares of BlackRock’s IBIT ETF for $4.03 million (avg. $35.64/share).
As of May 2025, these positions have yielded over $2.07 million in unrealized profits.
Coolpad didn’t stop at passive investment. Since late 2023, it has been operating a Bitcoin mining business through its subsidiary Coolbit Technologies Limited, investing more than $12 million in high-performance mining servers between August and November 2023. Now, the company is evaluating the potential spin-off and Nasdaq listing of Coolbit, aiming to unlock shareholder value and establish a dedicated presence in the global mining sector.
3. Bluehole Interactive: Raises Crypto Purchase Cap to $6 Million Amid Web3 Expansion
Bluehole Interactive, a mobile game studio, began exploring Web3 in 2023 by purchasing 93.85 BTC for around $2.7 million. By September 2023, it had already bought over 92 BTC on public markets.
In January 2025, the company increased its authorized crypto investment limit from $5 million to **$6 million**, showing continued confidence in digital assets as part of its long-term treasury strategy.
Bluehole is also actively investing in foundational Bitcoin layer projects:
- Backed BiHelix, an infrastructure provider for Bitcoin RGB protocols.
- Supported Merlin Chain, a Bitcoin Layer 2 scaling solution.
- Invested in XLink, a cross-chain bridge enhancing interoperability.
These strategic moves have paid off: Bluehole’s stock price surged nearly 270% since the beginning of 2025, reaching its highest level since March 2020.
4. Guofu Innovation: $5 Million Allocated for Crypto and Virtual Asset Funds
Guofu Innovation is transitioning from traditional finance to tech-driven financial services. In August 2023, its subsidiary Fuqiang Securities applied to the SFC to offer virtual asset-related services. Later that year, it acquired a $1.6 million stake in Summer Feeder Fund Limited, which invests in SEBA Bank AG, a Swiss crypto-friendly financial institution.
In early 2025, Guofu approved a HK$5 million (approx. $640,000) budget for:
- Buying regulated cryptocurrencies (primarily Bitcoin) on licensed platforms.
- Subscribing to compliant Hong Kong virtual asset funds that allocate over 10% of assets to digital tokens.
The company has also invested in:
- MaiCapital (virtual asset management)
- TideBit (digital exchange)
- Star Nest (Web3 music startup), via its subsidiary Chuangqi International
Though stock movement has been modest, Guofu hit a five-year high following its crypto announcements.
5. Ying Universe: $100 Million Over Five Years for Crypto Purchases
Ying Universe (formerly Inke), a social live-streaming platform that rebranded to embrace the metaverse, reported strong financials in 2023 — $684 million revenue and $400 million net profit (up 337.8%). Building on this momentum, it announced a $100 million investment plan over five years for purchasing crypto on regulated exchanges.
Funded by internal cash reserves, this strategy underscores Ying Universe’s commitment to integrating digital assets into its broader Web3 vision — potentially paving the way for tokenized communities or blockchain-based user economies.
6–8. Other Strategic Players
CMGE (China Mobile Games & Entertainment): Partnered with Hashkey Group to develop Web3 games and will purchase virtual assets via HashKey Exchange, benefiting from institutional-grade custody solutions.
Huake Intelligent Investment: Entered a fund partnership with Tide Capital to gain exposure to digital assets through professional management.
Victory Securities: Became Hong Kong’s first retail virtual asset broker. Its app VictoryX enables stock-crypto trading under one roof. It’s also the only local broker accepting physical Bitcoin and Ethereum for spot ETF subscriptions.
Since launching its crypto services, Victory Securities saw its stock climb from prolonged lows to an all-time high in April 2025.
Frequently Asked Questions (FAQ)
Q: Why are Hong Kong-listed companies investing in cryptocurrency?
A: Companies are diversifying their treasury holdings, exploring new revenue streams via Web3 integration, and positioning themselves at the forefront of financial innovation amid Hong Kong’s supportive regulatory environment.
Q: Are these crypto investments affecting stock prices?
A: Yes — several firms like Boyaa Interactive and Bluehole Interactive have seen significant stock rallies following crypto-related announcements, reflecting investor optimism about future growth.
Q: Is buying Bitcoin safer than investing in small-cap altcoins?
A: Generally yes. Institutional investors prefer Bitcoin due to its market dominance, liquidity, and lower volatility compared to speculative altcoins.
Q: Can these companies legally hold crypto in Hong Kong?
A: Yes — under current SFC guidelines, public companies can invest in digital assets through licensed platforms and custodians as part of strategic asset allocation.
Q: What risks do these investments carry?
A: Market volatility, regulatory changes, and cybersecurity threats remain key concerns. However, most firms are adopting cautious strategies with clear governance frameworks.
Final Thoughts
The surge of Hong Kong-listed firms entering the crypto space marks a pivotal moment in Asia’s digital finance evolution. Whether through direct asset purchases, strategic partnerships, or full-scale Web3 pivots, these companies are not just speculating — they’re building sustainable models aligned with the future of finance.
As regulatory clarity improves and infrastructure matures, expect more traditional businesses to follow suit — turning digital assets into core components of corporate strategy.