Moon Inc.
1723🇭🇰Equity
Moon Inc. (formerly HK Asia Holdings) is a Hong Kong-listed investment holding company that sells prepaid telecommunications products (SIM cards and top-up vouchers). Following its acquisition by UTXO Management and Sora Ventures in early 2025, the company adopted a Bitcoin treasury strategy and has been accumulating BTC through open market purchases funded by equity placements and convertible note proceeds.
BTC Holdings
42 BTC
180d
Stock Price
1.06 HKD
180d
Total financing
52.38M HKD
180d
mNAV
22.29x
180d
Leverage
73.4%
180d
BTC Credit
952 bps1.4x
Sats/Share
9
180d
Mkt cap
518.08M HKD
Shares
488.75M
Fiat reserve
35.33M HKD
Total reserve
58.57M HKD
Dilution
0.0%
BTC mix
0%
Analytics
BTC Coverage
Financials
IFRSSemi-AnnualAs of 2025-09-30
Balance Sheet
Total AssetsHK$447.1M▲226.7%
Total LiabilitiesHK$19.4M▼38.5%
Stockholders' EquityHK$427.7M▲306.4%
Cash & EquivalentsHK$35.3M▼43.3%
Total DebtHK$7.7M▲119.9%
Digital Assets—
Income Statement
RevenueHK$106.1M▲7.7%
Operating IncomeHK$-5.7M▼2945.0%
Net IncomeHK$-196.2M▼28539.1%
Interest ExpenseHK$80K▼61.9%
Cash Flow
Operating Cash FlowHK$300K▼21.1%
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| 1723-GM25 | Oct '25 – Oct '27 | 0% | 52.38M HKD | 52.38M HKD | — | 1.4x |
| Total | 52.38M HKD | |||||
Recent Changes
Tue, Dec 2, 2025
BTC Holdings
35→42+7 BTC(+20.0%)
BTC Holdings Tracker
Shares Outstanding
475.0M→488.8M+13.8M(+2.9%)
Moon Inc. Stock Overview
Sun, Nov 9, 2025
BTC Holdings
28.88→35+6.12 BTC(+21.2%)
BTC Holdings Tracker
Wed, Oct 22, 2025
Debt OutstandingIssuance1723-GM25
52.4M
Part of HK$65.5M raise under general mandate
Interim Report H1 2025 (Six Months Ended 30 September 2025)