Moon Inc. said its shares are now available to U.S. investors on the OTCQX Best Market as of Nov. 5, following an upgrade from the OTC Pink tier and a bell ringing at 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 the HKEX under code 1723 and has been pivoting from its roots in prepaid connectivity toward Bitcoin-focused consumer products.
The company framed the OTCQX graduation as part of a broader capital strategy that aligns with a Bitcoin standard and tighter U.S. market engagement.
Chief executive John Riggins said the higher disclosure bar and visibility are intended to create a cleaner pathway for U.S. investors to participate in Hong Kong’s regulated digital asset ecosystem and Moon’s expansion across Asia.
Moon Inc’s Bitcoin strategy
The company completed a legal name change from HK Asia Holdings to Moon Inc. earlier this year, a step that formalized the strategic pivot and preserved the 1723 stock code on HKEX, according to HKEXnews.
The U.S. trading venue upgrade follows Moon’s October financing of approximately HK$65.5 million, or roughly US$8.8 million, through a combination of new shares and convertible notes to fund a Bitcoin-enabled prepaid card and a Pan-Asian rollout, starting in Thailand and South Korea.
The raise was supported by a group that included Bitcoin miners. The product plan aims to integrate Bitcoin-native rails into the company’s legacy prepaid distribution network, positioning Moon to distribute BTC loads through the same cash-in channels used for SIMs and mobile top-ups, an approach examined in detail in our coverage of retail cash rails.
A yearlong restructuring set the stage for today’s U.S. access milestone.
UTXO Management and Sora Ventures took control of the former HK Asia Holdings in early 2025, and leadership positions were filled by figures associated with Bitcoin Magazine’s parent, moves that helped steer the rebrand and the company’s treasury and product direction.
Shares reacted positively during the spring as Moon launched a MicroStrategy 2.0” approach that blended measured balance-sheet Bitcoin exposure with product integration.
For U.S. investors, OTCQX access reduces friction in trading a Hong Kong issuer pursuing Bitcoin consumer rails. At the same time, the company continues to execute in Asia, where cash usage remains high across retail top-up ecosystems.
The model Moon is pursuing treats BTC like phone credit, a distribution angle that differs from exchange apps and targets segments that fund digitally through physical agents rather than banked channels.
The execution hinges on licensing, issuer partnerships, and agent activation in each market.
Regulators in Singapore enforced a June 30, 2025, deadline, prompting some overseas-facing operators to reassess their footprints. This development has concentrated attention on Hong Kong and Dubai for digital asset activity.
Hong Kong’s stance, including the listing of spot BTC and ETH ETFs, has broadened mainstream engagement with digital assets.
If Moon can convert a portion of its prepaid distribution into BTC loading points, the near-term revenue lens will be driven by active loaders, average ticket sizes, and blended take-rate across spreads, fees, and interchange.
The financing amount indicates a pilot phase involving country-by-country partners, with the first announced corridors being Thailand and South Korea.
While operating costs, compliance, and issuer fees will determine net economics, gross revenue sensitivity can be framed for 2026 exit rates using directional ranges tied to the company’s plan.
| Scenario (2026 exit, monthly) | Active loaders | Avg load (US$) | Blended take-rate | Gross revenue / month | Gross revenue / year |
|---|---|---|---|---|---|
| Bear | 75,000 | 40 | 1.0% | $30,000 | $0.36 million |
| Base | 250,000 | 70 | 1.5% | $262,500 | $3.15 million |
| Bull | 600,000 | 120 | 2.2% | $1.584 million | $19.0 million |
These ranges depend on agent density, repeat load frequency, issuer and processor partnerships in each country, treasury policy, and volatility management. Wider BTC volatility can expand spreads but can also constrain conversion, and program-level costs for KYC, KYT, and customer support can pressure unit economics.
A listed vehicle’s disclosure cadence, including treasury sizing and card economics, will provide more clarity on run rates as the program scales. The company’s legacy as a prepaid operator is relevant to cash-in mechanics, which often drive micro-loads and small-ticket behavior in the early months of deployment.
Today’s step into OTCQX aims to broaden the shareholder base that can follow that deployment.
For U.S. market participants, the move enhances quotation quality and corporate disclosure access compared to Pink, while preserving the primary listing in Hong Kong and the short name. The company described the upgrade as part of an international growth strategy that includes regional product launches funded by the October capital raise and a focus on governance and transparency. The legal rebrand in June laid the groundwork for these actions.
Key milestones to watch include issuer and licensing announcements in Thailand and South Korea, activation counts across top-up agents, disclosure of monthly active loaders and average load sizes, and updates on balance-sheet Bitcoin policy and risk controls.
The U.S. over-the-counter venue shift is now in place, providing investors with a clearer view into a Hong Kong-based company pursuing Bitcoin rails through prepaid distribution.
Disclosure: Sora Ventures is an investor in CryptoSlate.
