DL Holdings is making a strategic move to become Hong Kong's first listed Bitcoin hashrate stock by partnering with Fortune Peak Limited to enter the digital-asset infrastructure space, focusing on direct Bitcoin mining.

The company plans to issue up to 13.44 million Earn-out Shares, contingent on meeting operational performance targets, to align incentives with its partner and support its expansion into Bitcoin mining.

In August 2025, DL Holdings raised over $83.5 million to fund digital-finance initiatives, including tokenized assets and virtual-asset trading services, further expanding its digital ecosystem.

Bitcoin, often called 'digital gold', now accounts for over half of the total crypto market capitalization, valued at approximately US$2.29 trillion as of September 2025, with increasing interest from institutional investors and governments.

DL is accelerating its digital-assets ecosystem through a three-phase plan, which includes recent capital raises, investments in digital finance, and launching innovative products like CASH+ on the BNB Chain.

The company's financing structure involves zero-coupon convertible bonds, warrants, and potential earn-out shares, with lock-up periods to support its strategic growth in digital assets.

DL Holdings plans to purchase 2,200 Bitcoin miners with US$21.85 million in convertible bonds, aiming to produce around 200 BTC annually and build a reserve exceeding 4,000 BTC within two years.

This investment in Bitcoin mining is expected to generate approximately US$20 million annually in recurring cash flows, supporting market confidence and asset diversification.

Partnering with Fortune Peak, whose controlling shareholder has extensive experience in digital assets and industry expertise, provides DL access to advanced mining hardware and operational support.

DL's broader goal is to build a comprehensive digital-finance ecosystem, leveraging its capital markets expertise and strategic partnerships to offer more efficient financial services for institutions and investors.

As part of its incentives, DL will issue 40 million warrants at an initial exercise price of HK$3.80, with a two-year exercise period and lock-up restrictions on half of the warrant shares.