Moon Inc. announced that its shares are now available to U.S. investors on the OTCQX Best Market as of November 5, following an upgrade from the OTC pink tier and the ringing of the bell on the OTC Markets Group in New York.
The move opens a direct channel for U.S. retail and institutional investors to access the Hong Kong-listed issuer, which trades on HKEX under the code 1723 and is pivoting from its roots in prepaid connectivity to consumer products centered around Bitcoin.
The company framed the graduation of OTCQX as part of a broader capital strategy aligned with Bitcoin standards and closer engagement with the US market.
CEO John Riggins said the higher disclosure standards and visibility are aimed at creating a cleaner path for U.S. investors to participate in Hong Kong’s regulated digital asset ecosystem and President Moon’s expansion across Asia.
Moon Inc’s Bitcoin Strategy
According to HKEXnews, the company completed its legal name change from HK Asia Holdings to Moon Inc. earlier this year, a step that formally established its strategic axis and maintained its stock code 1723 on the Hong Kong Exchange.
The U.S. trading venue upgrade follows President Moon’s October fundraising of approximately HK$65.5 million (approximately US$8.8 million), which will fund a Bitcoin-enabled prepaid card and a pan-Asia expansion starting in Thailand and South Korea through a combination of new shares and convertible bonds.
This funding was supported by a group including Bitcoin miners. This product plan aims to integrate Bitcoin-native rails into the company’s traditional prepaid distribution network, positioning Moon to deliver BTC loads through the same cash-in channels used for SIM and mobile top-up, an approach explored in detail in our article on retail cash rails.
A year of realignment prepared us for today’s U.S. Access milestone.
UTXO Management and Sora Ventures took over control of the former HK Asia Holdings in early 2025, with leadership positions filled by individuals associated with Bitcoin Magazine’s parent company, a move that helped rebrand and steer the company’s financial and product direction.
The stock responded favorably in the spring as Moon launched its MicroStrategy 2.0-inch approach, which blends on-balance sheet Bitcoin exposure measurement with product integration.
For US investors, OTCQX access reduces friction in trading for Hong Kong issuers pursuing Bitcoin consumer rails. At the same time, the company continues to operate in Asia, where cash usage remains high across the retail charging ecosystem.
The model President Moon is pursuing treats BTC like phone credit, has a different distribution angle than exchange apps, and targets a demographic that funds digitally through physical agents rather than banking channels.
Execution will depend on licensing, publisher partnerships, and agency activation in each market.
Singapore regulators have implemented a June 30, 2025 deadline, forcing some overseas operators to reconsider their business plans. This development has focused attention on Hong Kong and Dubai for digital asset activity.
Hong Kong’s stance, including the listing of spot BTC and ETH ETFs, has expanded mainstream involvement in digital assets.
If Moon is able to convert a portion of prepaid circulation into BTC loading points, the short-term revenue lens will be driven by active loaders, average ticket size, spreads, fees, and exchange mix take rates.
The funding amount represents a pilot phase involving international partners, with Thailand and South Korea being the first routes announced.
While operating costs, compliance, and issuer fees determine the net economics, the sensitivity of total revenue can be aligned to the 2026 exit rate using the directional range associated with the company’s plan.
| Scenario (2026 exit, monthly) | active loader | Average load (USD) | mixed take rate | Total revenue/month | Total revenue/year |
|---|---|---|---|---|---|
| bear | 75,000 | 40 | 1.0% | $30,000 | $360,000 |
| base | 250,000 | 70 | 1.5% | $262,500 | $3.15 million |
| bull | 600,000 | 120 | 2.2% | $1,584,000 | $19 million |
These ranges vary depending on agent density, repeat load frequency, national issuer-processor partnerships, financial policies, and volatility management. Higher BTC volatility may widen spreads, but it may also limit conversions, and program-level costs for KYC, KYT, and customer support may weigh on unit economics.
Frequency of public vehicle disclosures, such as treasury sizing and card economics, will provide greater visibility into execution rates as the program scales. The company’s heritage as a prepaid operator is associated with cash-in mechanisms that often drive microload and small ticket behavior in the early months of implementation.
Today’s entry into OTCQX is aimed at expanding the shareholder base that can follow its developments.
For U.S. market participants, the move will improve quote quality and access to company disclosures compared to Pink, while maintaining a primary listing and short name in Hong Kong. The company said the upgrade is part of its international growth strategy, which includes regional product launches and a focus on governance and transparency, funded by a capital increase in October. A legal rebranding in June laid the groundwork for these steps.
Key milestones to note include the announcement of issuers and licenses in Thailand and South Korea, activation numbers across top-up agents, monthly active loader and average load size disclosures, and balance sheet Bitcoin policy and risk management updates.
The move to a U.S. over-the-counter venue is now in place, giving investors a clearer outlook on the Hong Kong-based company pursuing Bitcoin rail through an upfront distribution.
Disclosure: Sora Ventures is an investor in cryptoprune.
