HK Stock Market Move | Coolpad Group (02369) surged more than 14% in opening trade, planning to acquire a majority stake in a Canadian cryptocurrency mining hosting company.

COOLPAD GROUP (02369) opened more than 14% higher, rising 14.71% to 0.039 Hong Kong dollars as of press time, with a trading volume of 458,500 Hong Kong dollars. On the news front, COOLPAD GROUP announced that it has signed a memorandum of understanding with Newdecade Energy to acquire a majority stake in 10139882 Manitoba Ltd (expected to represent 60% to 90% of the total issued shares of the target company), which is mainly engaged in cryptocurrency mining hosting. The cash consideration for the acquisition is not to exceed 3.3 million US dollars. The board believes that the proposed acquisition will allow the group to leverage synergies by integrating cryptocurrency mining business resources, enhancing operational efficiency and long-term profitability, and enabling the group to achieve sustained growth in the evolving cryptocurrency industry. According to Financial Alliance News, the White House's cryptocurrency official stated that President Trump has signed an executive order to establish a strategic reserve of Bitcoin. This reserve will be funded by the Bitcoin owned by the federal government, which has been confiscated in criminal or civil asset forfeiture proceedings. The government will not sell any Bitcoin deposited in the reserve. The Secretary of the Treasury, CKH HOLDINGS, has been authorized to develop strategies to maintain budget neutrality in order to acquire more Bitcoin.