WebX Pioneers the Bitcoin Accumulating Company (BAC) Model as a New Corporate BTC Treasury Strategy

Public companies now hold a total of more than 1 million BTC as part of a “Bitcoin treasury” strategy, capitalizing on Bitcoin’s price growth amidst rising inflation, declining fiat value, and macroeconomic uncertainties.

This approach was pioneered by Michael Saylor’s Strategy (formerly MicroStrategy) and has since been adopted by more than a hundred companies worldwide, gaining significant traction this year.

Recently, Hong Kong-based WebX joined these ranks with its official purchase of Bitcoin. But WebX is more than just Asia’s next MicroStrategy. While Strategy took a levered buy-and-hold approach, WebX is charting a new path.

The company is pioneering the “Bitcoin Accumulating Company” (BAC) model, where it acquires BTC through its core business operations and strategic investments. WebX is embedding Bitcoin directly into its revenue engine rather than relying solely on debt-funded market purchases. This allows investors to gain Bitcoin exposure through a diversified operational approach rather than pure financial leverage.

BAC Taps into Asia’s Unsaturated Market

In August 2020, the US-based Strategy first deployed about $250 million of idle cash into Bitcoin. While it started with cash, the company soon turned to debt. Through massive borrowings, it has accumulated 640,031 BTC worth $71.9 billion at an average cost of $73,981 per BTC.

Besides funding the Bitcoin purchase through debt, which involves interest and principal repayment obligations, the company also raises capital through equity offerings, sparking concerns about shareholder dilution.

With each Strategy Bitcoin purchase financed by new stock offerings and convertible notes, it needs fresh buyers to continue this model. But given that the company already has several billion dollars in liabilities, not many are interested, as evident from Strategy’s smaller purchases. 

This could also be the sign that the US market is all but tapped out. The country, after all, is now home to the largest number of Bitcoin treasuries, more than 100, while Japan and Hong Kong have fewer than 20 such entities each. This is despite Asia being the fastest-growing region for crypto adoption and institutional flows.

Compared with the US, where several digital asset treasuries (DATs) have popped up and are aggressively using public markets and debt to buy Bitcoin and other cryptos, the Asia institutional and corporate treasury route is still very much under development, leaving room for new corporate models and Bitcoin accumulation. 

With Asia relatively undersaturated, it offers a lot of potential for WebX to tap into. The liquidity here is also much greater. 

For instance, China’s M2 money supply is $46,556.2 billion, as of August 2025, compared to the US’s $22,195.4 billion.

M2 is a measure of the money supply that includes all the money in M1, which is physical currency, demand deposits, and traveler’s checks, plus less liquid assets like savings deposits and money market funds. This broader measure of the money supply is used by central banks to understand the overall economic health.  

This huge scale of monetary liquidity in Asia provides a large source of capital that can be unlocked by WebX. Also, the company itself has only now begun to buy Bitcoin, unlike Strategy, which has been accumulating BTC for five years, during which it has secured 3% of Bitcoin’s total supply.

WebX Focuses on Sustainable BTC Accumulation

The Hong Kong Stock Exchange-listed WebX (8521.HK) is a textile manufacturing company that designs and sells functional knitted fabrics, apparel, and yarns. It also offers cloud-based computing and internet traffic services.

For the last two years, the company has been working on its crypto repositioning and ensuring strict compliance, for which WebX has already onboarded finance and crypto-native investors and board executives.

With the execution of its carefully laid plan, WebX has become the world’s first Bitcoin Accumulation Company (BAC), focusing on advancing Bitcoin-backed financial innovation with a fast-growing BTC treasury.

But rather than growing the treasury by utilizing debt leverage to fund BTC purchases, the focus is on more sustainable Bitcoin treasury generation.

This means WebX will accumulate BTC using its recurring operational revenue or business units that generate revenue. With this move, the company is reducing its reliance on external capital markets and leverage, making WebX stand out in the crowded world of DATs, driven by a leveraged, financing-driven accumulation strategy.

Overall, WebX is more than just an Asian MicroStrategy that is holding Bitcoin as part of its financial assets. It is a “Bitcoin Accumulating Company” (BAC) with a completely different model, which is enterprise-driven rather than equity or debt financed, leveraging the underpenetrated regional liquidity and nascent product rails to scale sustainably.