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Xinmei Shen

Bitcoin continues to plunge as a cryptocurrency sell-off deepens, shaving off gains in share prices that some Hong Kong-listed firms made this year after launching digital asset initiatives.
Bitcoin at one point on Tuesday dropped below US$90,000, more than 4 per cent lower than at the start of 2025, after hitting multiple all-time highs this year.
The world’s largest cryptocurrency had “underperformed both gold and the Nasdaq amid risk-off sentiment and tight liquidity, exacerbated by the historical leverage flush in the crypto market since October”, said Steven Nie, associate director at Daiwa Capital Markets.
Last month, a rout that followed bitcoin reaching a record high of US$126,000 wiped out US$19 billion and liquidated more than a million traders who had made leveraged bets on future prices.

Nie said the cryptocurrency market was “in extreme fear”.
Several Hong Kong-listed companies have slumped recently after having boosted their shares by announcing various digital asset strategies.
The Hong Kong-listed shares of Yunfeng Financial Group, backed by Alibaba Group Holding founder Jack Ma, on Tuesday fell more than 4 per cent and were trading 20 per cent lower than a month ago. Alibaba is the owner of the South China Morning Post.
Yunfeng shares are still up more than 258 per cent since the beginning of the year. The firm saw its share price more than double in September after announcing that it was expanding into Web3 and had invested US$44 million to acquire 10,000 ether for its “strategic reserve”.
This week’s crypto crash has thwarted digital asset treasury (DAT) companies, a type of public firm that has become popular in the US whose main strategy is holding large amounts of cryptocurrencies. The most well-known among them, Strategy Inc – formerly known as MicroStrategy – fell 17 per cent over the last five days.
Most DAT companies were now trading below their market net asset value, with some facing solvency issues if they failed to refinance their debt obligations, according to Nie.
While Hong Kong has not embraced DAT firms, Yunfeng is among several Hong Kong firms that have snapped up digital assets this year amid rising crypto prices.
IVD Medical Holding, a manufacturer of medical equipment, said in August that it had bought 5,190 ether – the world’s second-largest cryptocurrency – as its reserve assets, and that it was seeking board approval to spend up to HK$3 billion (US$385 million) over three years to buy more crypto.
Chinese online gaming company Boyaa Interactive, one of the first Hong Kong-listed firms to invest in bitcoin, said in September that it had bought 3,670 bitcoin at an average of US$62,878 per token.
IVD Medical Holding fell 6.72 per cent on Tuesday and Boyaa plunged nearly 10 per cent.


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Bitcoin dives below US$90,000, impacting firms that had boosted their shares by rolling out various digital asset strategies


Bitcoin dives below US$90,000, impacting firms that had boosted their shares by rolling out various digital asset strategies.


Jack Ma

Bitcoin

China

‘Extreme fear’: bitcoin plunge hammers Hong Kong-listed firms tied to digital assets

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Bitcoin dives below US$90,000, impacting firms that had boosted their shares by rolling out various digital asset strategies

Bitcoin dives below US$90,000, impacting firms that had boosted their shares by rolling out various digital asset strategies