Boyaa Interactive International, a Hong Kong-based online gaming company known for its card and board games, has swapped its Ethereum holdings into Bitcoin as part of a shift in its cryptocurrency treasury.
The firm converted 14,200 Ether, valued at over $49 million, into approximately 515 BTC between 19 -28 November, according to a statement released on 29 November 2024.
The decision is part of Boyaa’s broader plan to prioritize Bitcoin as its primary digital asset.
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Boyaa Interactive Now Holds 3,183 BTC
Following the conversion, the company now holds 3,183 Bitcoin, worth approximately $310.7 million at current prices, according to CoinGecko data.
“The purchase, holding, and continuous expansion of BTC reserves is an important strategy of the Group,” Boyaa stated.
The board believes the timing was favorable to convert its Ether holdings to Bitcoin, citing their strategic view on the future prospects of both cryptocurrencies.
As of its third-quarter financial report, released on November 21, Boyaa held 2,635 Bitcoin and 15,388 Ether in its treasury. The recent transaction highlights the company’s intent to build a stronger Bitcoin position.
$49M Swap: Boyaa Bets Big on Bitcoin
Hong Kong gaming giant Boyaa Interactive just traded $49M in Ether for 3,183 BTC, boosting their holdings from 2,635 BTC in September.
It’s a classic treasury play – trimming ETH’s volatility for BTC’s long-term edge.
While many are getting… pic.twitter.com/3SahJ2DwWh
— Crypto Town Hall (@Crypto_TownHall) December 2, 2024
The move comes during a period of strong performance for both Bitcoin and Ether. Bitcoin’s price has risen by 6% over the past two weeks, reaching over $96,000, while Ether surged 18.3%, trading at $3,669 at the time of reporting.
Boyaa initially ventured into cryptocurrency investments in November 2023 with a $100 million allocation, splitting $45 million each into Bitcoin and Ether and $10 million into stablecoins like USDT and USDC.
This year, Boyaa’s stock price has soared by 874%, now trading at $0.68 (5.26 Hong Kong dollars), although it remains below its all-time high of $1.81.
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More Companies Invest In Bitcoin
Other companies are also turning to Bitcoin to diversify their treasuries. Video platform Rumble announced plans to invest in Bitcoin on November 25, while Genius Group recently acquired 110 BTC for $10 million, aiming to hold up to 90% of its reserves in Bitcoin.
Furthermore, healthcare technology firm Semler Scientific has expanded its Bitcoin portfolio. It purchased an additional 47 BTC for $3 million. The acquisition brings the company’s total holdings to 1,058 BTC as part of its ongoing strategy to accumulate Bitcoin.
The company has positioned Bitcoin as its primary treasury asset. It purchased 141 BTC for $8.4 million in the third quarter alone. Semler’s strategy mirrors that of MicroStrategy, which holds 252,220 BTC, making it the largest public corporate holder of Bitcoin.
Last week, Japanese investment firm Metaplanet also announced that it is looking to bolster its Bitcoin reserves by raising over $62 million (9.5 billion Japanese yen) through a stock acquisition initiative.
The firm’s current Bitcoin treasury stands at 1,142 BTC, valued at more than $109 million.
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