Hong Kong Gaming Company Swapped $49 Million in ETH for Bitcoin
Date: 2024-12-02 Author: Oliver Abernathy Categories: BUSINESS
Boyaa Interactive International, a Hong Kong-based online card and board game company, has made a significant reorganization of its treasury holdings, swapping Ether (ETH) for Bitcoin (BTC). Between November 19 and 28, the company swapped 14,200 ETH, equivalent to over $49 million, for 515 Bitcoin, increasing its total Bitcoin holdings to 3,183 BTC, worth about $310.7 million at current prices.
Boyaa Interactive management explained the move as a move to strengthen its Bitcoin position as part of the company’s long-term strategy. According to the company’s statement:
“Considering the outlook for BTC and ETH, as well as the company’s strategic plan, the board of directors has concluded that now is the most opportune time to increase BTC reserves at the expense of ETH.”
In Q3 2024, Boyaa held 2,635 bitcoin and 15,388 ether, but in November, management approved an open market swap of ether for bitcoin.
Despite the significant gains in ether (up 18.3% over the past two weeks), which is trading at $3,669 at the time of writing, the company believes that bitcoin is the more promising asset. Bitcoin has gained 6% over the same period, reaching $96,000.
The company first began investing in cryptocurrencies in November 2023, allocating $100 million to purchase bitcoin ($45 million), ether ($45 million), and stablecoins such as Tether (USDT) and USD Coin (USDC). Since then, Boyaa Interactive shares have risen more than 874% to $0.68 (HK$5.26), but are still well below their all-time high of $1.81.
Boyaa Interactive is not the only company to increase its Bitcoin holdings. In November, Michael Saylor’s MicroStrategy acquired another 55,000 BTC. Rumble, Semler Scientific, and Genius Group have also added Bitcoin to their holdings.
These changes reflect the growing popularity of Bitcoin as a strategic asset among companies around the world.
