Moon Inc Lands on OTCQX — Plans Bitcoin-Loaded Prepaid Cards Across Asia

What just happened?

Moon Inc. quietly upgraded its U.S. trading perch and opened the doors to American investors on Nov. 5 by moving up to the OTCQX Best Market from the OTC Pink tier. The company still keeps its main home base on the Hong Kong Exchange under ticker 1723, but this U.S. upgrade makes it a lot easier for retail and institutional folks stateside to buy and watch the stock.

Earlier this year the business shed its old name (formerly HK Asia Holdings) and rebranded to Moon Inc., a change that formalized a strategic turnaround toward Bitcoin-forward consumer products. In early 2025, new backers took the wheel and reshuffled leadership, which helped steer the rebrand and reshape the company’s treasury and product priorities.

In October the company raised roughly HK$65.5 million (about US$8.8 million) through share issuance and convertible notes. That cash is earmarked to pilot a Bitcoin-enabled prepaid card and roll the product out across Asia, starting with Thailand and South Korea. The financing included participation from industry players such as Bitcoin miners, and the plan is to blend Bitcoin exposure on the balance sheet with real-world product distribution.

Why this might matter (and what to watch)

Moon’s angle is delightfully old-school: use the same cash-in channels that sell SIM cards and mobile top-ups to let people load Bitcoin. Think of BTC like prepaid phone credit — except it (hopefully) goes up in value and can be used as a digital asset. If it works, Moon could turn a sprawling network of small physical agents into Bitcoin loading stations, reaching customers who prefer cash or don’t have traditional bank accounts.

The near-term economics will hinge on a few obvious but very important things: how many active loaders sign up, how often they top up, average load sizes, and the blended take-rate the company can keep after spreads, fees and interchange. Operating expenses — compliance, issuer fees, KYC/KYT, and customer support — will squeeze margins, so unit economics will be under a flashlight as pilots scale.

Macro nudges matter too. Regional regulator moves shifted attention to hubs like Hong Kong and Dubai, and institutional products in Hong Kong have broadened mainstream interest in spot cryptocurrencies. Against that backdrop, Moon’s OTCQX listing improves U.S. visibility and reporting quality compared to Pink while keeping the Hong Kong primary listing intact.

Short-term milestones to watch: official issuer and licensing news in Thailand and South Korea, agent activation counts, monthly active loader metrics, average ticket sizes, and any updates on how the company manages Bitcoin on its balance sheet and hedging or volatility controls. Those datapoints will tell whether the idea is a clever hack or a costly experiment.

Bottom line: it’s a clever mash-up of legacy prepaid distribution and Bitcoin rails — quirky, practical, and full of operational detail. If Moon can turn those tiny cash-in kiosks into reliable BTC loading points, the business could tap a large, cash-heavy retail market. If not, it’ll be a textbook pilot that taught everyone what didn’t work. Either way, it should be entertaining to follow.