DL Holdings Group Limited (HKEX: 1709) has entered the Bitcoin mining sector through a strategic partnership with Fortune Peak Limited.
The company will acquire 2,200 S21XP HYD Bitcoin miners, delivering a total hashrate of approximately 1,040,600 TH/s, with an initial production target of around 200 BTC annually.
The USD21.85 million acquisition will be funded by zero-coupon convertible bonds, convertible at HKD 3.17 per share—an 8.65 percent discount to recent market prices—with a two-year lock-up on both bonds and conversion shares. DL Holdings will also issue 40 million warrants at HKD 3.80 per share and up to 13.4 million earn-out shares tied to operational performance.
The partnership leverages the expertise of Fortune Peak’s ultimate controller, formerly Chief Investment Officer at Antalpha Capital, providing access to advanced mining hardware and operational support. DL Holdings aims to build a Bitcoin reserve exceeding 4,000 BTC within two years, positioning itself as Hong Kong’s leading Bitcoin hashrate stock.
Bitcoin’s market value stands at approximately USD2.29 trillion as of September 2025. DL Holdings plans to increase direct Bitcoin holdings through mining, enhancing digital asset exposure and diversifying its balance sheet.
The company projects annual mining revenue of roughly USD20 million initially and plans to expand capacity. This move forms part of DL Holdings’ broader digital-finance strategy, supported by a recent capital raise of over HKD 650 million for digital asset growth and ecosystem development.
Principal Asset Management Names Koichiro Maeda Head of Japan
Principal Asset Management® has appointed Koichiro Maeda as Head of Japan, effective September 16, 2025, as part of a planned leadership succession to support the firm’s growth in the region. Maeda joins from DWS Group, where he served as Managing Director and Head of Alternatives Specialists for Asia-Pacific, bringing over 30 years of experience in real estate investment, alternative asset management, and investment banking.
Based in Tokyo, Maeda will lead Principal’s strategic development and client relations in Japan, reporting to Thomas Cheong, President of Principal Asia Pacific & Middle East. He succeeds Hitoshi Itagaki, who will become Chairman of Principal Japan’s board after leading the business since 2007 and strengthening its partnership with Nippon Life.
The transition aims to maintain continuity while driving Principal’s expansion in the Japanese market.