Overview

• Ming Shing disclosed a binding agreement to acquire 4,250 BTC at an average price of about $113,638 per coin, with closing targeted by December 31, 2025.
• The purchase will be funded via two $241.48 million convertible promissory notes at 3% interest and 120‑month maturity, plus long‑dated warrants.
• The notes are convertible at $1.20 per share and the warrants are exercisable at $1.25 for up to 12 years, each instrument capped by a 4.99% beneficial ownership limit.
• Counterparties include British Virgin Islands entities Winning Mission Group and Rich Plenty Investment, which will receive matching note and warrant packages.
• Shares jumped into double‑digit gains on the announcement before paring back, as outside analysis flagged potential dilution scenarios that could sharply expand the share count if conversions and exercises occur.