Moon Inc Debuts on OTCQX, Expands Bitcoin Prepaid Cards

Moon Inc’s transition from the OTC Pink tier to the OTCQX Best Market on November 5 represents a calculated step in the company’s broader capital strategy. The upgrade provides U.S. retail and institutional investors with a cleaner pathway to access the Hong Kong-listed issuer, which trades on HKEX under code 1723. Chief executive John Riggins emphasized that the higher disclosure standards and improved visibility are designed to align with a Bitcoin standard and deepen engagement with U.S. markets while maintaining the company’s primary listing in Hong Kong.

This development follows a yearlong restructuring that saw Bitcoin-focused entities UTXO Management and Sora Ventures take control of the former HK Asia Holdings in early 2025. The company completed a legal name change to Moon Inc earlier this year, formalizing its strategic pivot while preserving its HKEX listing. The leadership positions were filled by figures associated with Bitcoin Magazine’s parent company, steering both the rebrand and the company’s treasury and product direction toward Bitcoin integration.

Moon’s strategic shift is backed by substantial financial support, with the company securing approximately HK$65.5 million (roughly US$8.8 million) in October financing through a combination of new shares and convertible notes. This capital raise, supported by a group that included Bitcoin miners, will fund the development of a Bitcoin-enabled prepaid card and its Pan-Asian rollout, beginning in Thailand and South Korea.

The company’s product strategy aims to integrate Bitcoin-native rails into its legacy prepaid distribution network, positioning Moon to distribute BTC loads through the same cash-in channels used for SIMs and mobile top-ups. This approach treats Bitcoin like phone credit, targeting segments that fund digitally through physical agents rather than traditional banked channels. The execution depends critically on licensing, issuer partnerships, and agent activation in each target market, with the first announced corridors focusing on Thailand and South Korea.

The company has adopted what it calls a ‘MicroStrategy 2.0’ approach, blending measured balance-sheet Bitcoin exposure with product integration. This strategy has resonated with investors, with shares reacting positively during the spring as the company outlined its Bitcoin treasury and product direction.

The regulatory landscape in Asia is evolving rapidly, with Singapore enforcing a June 30, 2025 deadline that prompted 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 progressive stance, including the listing of spot BTC and ETH ETFs, has broadened mainstream engagement with digital assets, creating favorable conditions for Moon’s expansion.

Moon’s revenue potential hinges on converting a portion of its prepaid distribution into BTC loading points. The company has outlined three scenarios for 2026 exit rates, with monthly gross revenue projections ranging from $30,000 in bear cases to $1.58 million in bull scenarios. These projections depend on active loaders, average ticket sizes, and blended take-rates across spreads, fees, and interchange. The base scenario anticipates 250,000 active loaders with an average load of $70 and a 1.5% take-rate, generating $262,500 in monthly gross revenue.

However, these projections are subject to several variables including agent density, repeat load frequency, issuer and processor partnerships, treasury policy, and volatility management. Wider BTC volatility can expand spreads but may constrain conversion rates, while program-level costs for KYC, KYT, and customer support could pressure unit economics. The company’s legacy as a prepaid operator provides relevant experience with cash-in mechanics that often drive micro-loads and small-ticket behavior in early deployment phases.

For U.S. market participants, the OTCQX access reduces friction in trading a Hong Kong issuer pursuing Bitcoin consumer rails while enhancing quotation quality and corporate disclosure compared to the Pink tier. The company describes 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.

Key milestones investors should monitor 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 company’s disclosure cadence, including treasury sizing and card economics, will provide greater clarity on run rates as the program scales beyond its pilot phase.

The U.S. over-the-counter venue shift now provides investors with a clearer view into a Hong Kong-based company pursuing Bitcoin rails through prepaid distribution. As Moon executes its strategy across Asian markets where cash usage remains high in retail top-up ecosystems, the company’s ability to leverage its existing distribution network while navigating regulatory requirements will determine its success in bringing Bitcoin to mainstream consumers through familiar payment channels.