Moon Inc. said: Its shares are now available to US investors on the OTCQX Best Market as of November 5, after upgrading from the OTC Pink tier and Bell ringing At OTC Markets Group in New York.
The move opens a direct channel for US retail and institutional investors to access the Hong Kong-listed issuer, which trades on the Hong Kong Stock Exchange under the symbol 1723 and is pivoting from its roots in prepaid connectivity toward bitcoin-focused consumer products.
The firm framed the OTCQX exit as part of a broader capital strategy aligned with… Bitcoin Standard and tighter US market share.
CEO John Riggins said the higher disclosure and visibility bar aims to create a cleaner path for US investors to participate in Hong Kong’s regulated digital assets ecosystem and Moon’s expansion across Asia.
Moon Inc.’s Bitcoin Strategy
The company has completed the legal name change from HK Asia Holdings to Moon Inc. Earlier this year, a move that formalized the strategic pivot and maintained the stock code 1723 on the Hong Kong Stock Exchange, according to HKEXnews.
The US trading venue upgrade follows Moon’s October financing of about HK$65.5 million, or roughly US$8.8 million, through a combination of new shares and convertible notes to fund a prepaid card that supports bitcoin and a pan-Asian rollout, starting in Thailand and South Korea.
This increase was supported by a group that includes Bitcoin miners. The product plan aims to integrate Bitcoin’s native rail into the company’s legacy prepaid distribution network, allowing Moon to distribute loads of BTC through the same swipe channels used for SIM cards and mobile top-ups, an approach examined in detail in our coverage of Retail cash bars.
The year-long restructuring process paved the way for today’s U.S. Access achievement.
Manage UTXO and Sora projects Take control From the former HK Asia Holdings in early 2025, the leadership positions were filled by figures associated with Bitcoin Magazine’s parent company, moves that helped guide the new brand, corporate treasury and product direction.
Stocks reacted positively during the spring as Moon launched a campaign MicroStrategy 2.0“This is an approach that blends Bitcoin exposure on a measured balance sheet with product integration.
For US investors, access to OTCQX reduces friction in trading a Hong Kong issuer seeking to target bitcoin consumers. Meanwhile, the company continues to execute in Asia, where cash usage remains high across retail top-up ecosystems.
The model followed by Moon treats BTC like phone credit, a distribution angle that differs from exchange apps and targets sectors that fund digitally through physical agents rather than banking channels.
Implementation depends on licensing, exporter partnerships and agent activation in each market.
Regulators in Singapore have imposed a deadline of June 30, 2025, prompting some offshore operators to reassess their implications. This development has focused attention on Hong Kong and Dubai regarding digital asset activity.
Hong Kong’s position, including the listing of BTC and ETH ETFs, has expanded mainstream participation in digital assets.
If Moon can convert a portion of its prepaid distribution into BTC load points, the near-term revenue lens will be guided by active loaders, average ticket sizes, and mixed receipt rate across spreads, fees, and exchanges.
The amount of funding indicates a pilot phase that includes partners from each country separately, as Thailand and South Korea were the first corridors announced.
While operating costs, compliance and issuer fees will determine net economics, the sensitivity of overall revenues to 2026 exit rates can be framed using trend bands linked to the company’s plan.
| Scenario (exit 2026 monthly) | Active loaders | Average load (in USD) | Mixed take rate | Total revenue/month | Total revenue/year |
|---|---|---|---|---|---|
| bear | 75000 | 40 | 1.0% | $30,000 | $0.36 million |
| a base | 250,000 | 70 | 1.5% | $262,500 | $3.15 million |
| bull | 600000 | 120 | 2.2% | $1.584 million | $19.0 million |
These ranges depend on agent density, loading frequency, issuer-processor partnerships in each country, treasury policy, and volatility management. Wider BTC volatility can widen spreads but can also restrict transfers, and software-level costs for KYC, KYT, and customer support can put pressure on unit economics.
The disclosure cadence of the listed vehicle, including vault size and card economics, will provide greater clarity on operating rates as the program expands. The company’s legacy as a prepaid operator has to do with cash payment mechanisms, which often drive small loads and small ticket behavior in the first months of deployment.
Today’s move to OTCQX aims to expand the shareholder base that can pursue this deployment.
For US market participants, the move enhances the quality of quotes and access to corporate disclosure compared to Pink, while maintaining the initial Hong Kong listing and short name. The company described the upgrade as part of an international growth strategy that includes launching regional products funded by a capital increase in October and focusing on governance and transparency. A legal change in June laid the foundation for these measures.
Key milestones to monitor include issuer and licensing announcements in Thailand and South Korea, number of activations via top-up agents, disclosure of monthly active loaders and average load volumes, and updates to Bitcoin balance sheet policy and risk controls.
The U.S. over-the-counter relocation is now live, providing investors with a clearer view of a Hong Kong-based company seeking to develop bitcoin through prepaid distribution.
Disclosure: Sora Ventures is an investor in CryptoSlate.
