Moon Inc. (HKEX: 1723) has successfully raised approximately US$8.8 million to launch a Bitcoin prepaid card aimed at markets in Thailand and South Korea, with ambitions to expand further across Asia. The company announced today that it secured HK$65.5 million in funding through a private placement, supported by a diverse group of Bitcoin miners and investors via the issuance of new shares and convertible notes, according to Bitcoin Magazine.
John Riggins, the CEO of Moon Inc., expressed gratitude for the support from both new and existing investors, stating, “The successful completion of this private placement marks another critical milestone in Moon Inc.’s growth, and we are grateful for the confidence our new and existing investors have shown in our long-term vision.” The recent filing with the Hong Kong Stock Exchange outlines how the raised funds will be utilized for Moon Inc.’s Pan-Asian expansion strategy, focusing on the launch of its Bitcoin-enabled prepaid card.
The prepaid cards are designed to enable users to purchase, store, and transfer Bitcoin conveniently, eliminating the complexities associated with traditional wallets. This innovative solution combines Moon Inc.’s expertise in prepaid telecom services with functionality tailored for digital assets, allowing users to manage their Bitcoin similarly to a prepaid phone card.
Looking ahead, Moon Inc. is also considering expansion opportunities in Taiwan, Japan, and Vietnam as part of its growth strategy. Riggins emphasized that this fundraising initiative, along with the rollout of the new prepaid card, aims to create connections between traditional capital markets and the Bitcoin economy, leveraging Moon Inc.’s established wholesale telecom distribution networks.
“Our view is that this is more than just a fundraise — it signifies confidence in Hong Kong as a gateway for regulated digital-asset innovation, as well as in Moon Inc.’s capability to bridge traditional capital markets with the Bitcoin economy,” Riggins elaborated.
Earlier this year, Moon Inc. positioned itself as a pioneer by integrating a Bitcoin treasury strategy into its business model, becoming the first publicly listed company in Greater China to do so. This strategic move came alongside the company’s majority acquisition by Sora Ventures and UTXO Management, enhancing its digital asset offerings.
In addition to the Bitcoin prepaid card, Moon Inc. has been recognized as one of Hong Kong’s 10 most innovative companies by Capital Magazine. Riggins stated that the company is honored to receive recognition for its efforts to promote Bitcoin adoption in Asia, particularly through the introduction of its prepaid Bitcoin card.
It is important to note that Moon Inc. is a portfolio company of UTXO Management, a regulated capital allocator focused on the digital assets industry. Bitcoin Magazine is owned by BTC Inc., which operates UTXO Management and invests in a wide range of Bitcoin businesses, maintaining significant assets in digital currencies.
