The head of a Hong Kong-listed digital asset platform has paid HK$56 million (US$7.2 million) for a property in the upper-income neighbourhood of Happy Valley.
Cryptocurrency veterans have made millions from the explosive development of blockchain technology and sharp increase in the value of digital assets. Bitcoin, Ether and Dogecoin – a tongue-in-cheek, meme-ified version of bitcoin launched in 2013 with a Shiba Inu as its mascot – have hit record highs.
Hugh Douglas Madden, CEO of BC Tech Group, a digital asset and blockchain company, bought the 1,953 square foot (181 square metre) flat at Nan Fung Group’s Winfield Building, a short distance from the nearly 175-year-old Happy Valley Racecourse, according to agents familiar with the deal. Madden and Lim Ly Voch are the joint owners of the property, according to Land Registry documents.
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The price works out to HK$28,674 per sq ft for the four-bedroom flat, which comes with a parking space. It was put on the market for HK$58 million.
Brokers familiar with the deal said that the buyer did not bargain much over the price of the flat. They added that the property has been bought for self-use and that Madden likes the neighbourhood as he is familiar with Happy Valley. BC Tech did not reply to queries from the Post.
Madden’s total annual compensation at BC Tech was 5.997 million yuan (US$930,000) in 2019, according to the company’s latest annual report, more than double the 2.13 million yuan package in 2018 when he served as the chief technology officer of BC Tech. In July 2019, he was appointed as the CEO.
The former banker also co-founded ANX International in 2013. A year later, ANX became one of the first companies to set up a bitcoin ATM in Hong Kong.
OSL, a subsidiary of BC Tech, is the first company in Hong Kong to be licensed by the Securities and Futures Commission to offer regulated brokerage and automated trading services for digital assets.
Madden has placed a lot of emphasis on promoting transparency of an industry that had often been described as opaque. BC Tech conducts regular press briefings to discuss with the media its financial results. The Group’s digital asset business was established since the change of control in the Hong Kong-listed company after an unconditional cash offer made in 2018 by members of the current management team.
On Monday, bitcoin surged to an all-time high after US electric car maker Tesla said that it has invested US$1.5 billion, becoming the biggest company yet to back the cryptocurrency.
Bitcoin jumped as much as 15 per cent after Tesla made the disclosure in a regulatory filing, with prices exceeding US$44,000 for the first time. Tesla also said it would begin accepting the digital token as a form of payment for its electric cars.
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