DL Holdings Group Limited, a Hong Kong-based entity, is venturing into the Bitcoin mining arena through a strategic partnership with Fortune Peak Limited, marking its inaugural foray into digital asset infrastructure development.
The publicly traded company based in Hong Kong intends to finance the acquisition of cutting-edge, energy-efficient mining rigs through the issuance of convertible bonds. Their objective is to generate approximately 200 Bitcoins per year and accumulate a Bitcoin reserve exceeding 4,000 BTC within the upcoming two-year timeframe.
DL Holdings Announces Bitcoin Mining Initiative
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DL Holdings Group Limited, headquartered in Hong Kong, has announced its collaboration with Fortune Peak Limited to enter the burgeoning Bitcoin mining industry. The company plans to procure advanced mining technology using funds raised from a convertible bond offering. The move positions them to potentially become the first publicly listed Bitcoin hashrate stock in Hong Kong. DL Holdings forecasts annual Bitcoin production of approximately 200 BTC, and aspires to accumulate over 4,000 BTC in reserves within two years.
Fortune Peak’s principal shareholder, formerly the Chief Investment Officer at Antalpha Capital, contributes significant expertise in digital asset management and technology. This alliance provides DL Holdings with access to the latest generation of Bitcoin mining hardware alongside essential operational know-how.
Mining Expansion to be Funded by Convertible Bond Issuance
DL Holdings is set to acquire 2,200 S21XP HYD mining units, boasting a collective estimated hashrate of 1,040,600 TH/s. The $21.85 million transaction will be financed through the issuance of zero-coupon convertible bonds. The initial price for converting these bonds into shares is fixed at HK$3.17 ($0.41) per share, representing an approximate 8.65% discount compared to the average closing price over the preceding five trading days. Both the bonds and the newly issued shares resulting from the conversion will be subject to a mandatory holding period of two years.
Furthermore, the company plans to issue 40 million warrants with an exercise price of HK$3.80 ($0.49) per share, which represents a premium of around 9.51% over the five-day average closing price. A six-month lock-up period will apply to half of the shares derived from these warrants. An additional issuance of up to 13.44 million earn-out shares is contingent upon achieving specified performance benchmarks.
Overview of Bitcoin Market and Institutional Adoption
Bitcoin represents between 55% and 58% of the total cryptocurrency market capitalization. As of September 2025, its estimated market valuation is around $2.29 trillion. There has been a notable increase in institutional participation, with governments like the US and the UK reporting substantial holdings, and asset management firms such as BlackRock and Fidelity introducing Bitcoin exchange-traded funds (ETFs) to investors.
DL Holdings states that establishing direct Bitcoin mining operations will help diversify its asset portfolio and generate a stream of recurring income. Management projects that the newly acquired mining equipment will have the potential to yield approximately 200 BTC annually. They believe this could generate revenues of approximately $20 million, based on projected Bitcoin prices. The company also raised over $83.5 million during August 2025, which will be allocated to fund digital finance initiatives including tokenized assets and virtual asset trading platforms.