Hong-Kong

Hong Kong gaming firm Boyaa Interactive Increases Bitcoin Holdings by 20%, Now Holds 3,183 BTC Worth $310M After Converting 14,200 ETH

Boyaa Interactive International, a prominent online gaming company, has made a strategic move to bolster its cryptocurrency holdings by converting a portion of its Ether (ETH) reserves into Bitcoin (BTC). The company revealed in a recent statement that it exchanged 14,200 ETH, valued at over $49 million, for approximately 515 BTC between November 19 and 28.

This decision aligns with Boyaa’s growing interest in cryptocurrency investments. The company now holds a total of 3,183 BTC, worth over $310 million at current market prices. In its third-quarter financial report, released on November 21, Boyaa disclosed holdings of 2,635 BTC and 15,388 ETH.

A Strategic Shift

Boyaa’s rationale behind the ETH-to-BTC conversion is rooted in the perceived long-term potential of Bitcoin. The company’s board believes that the current market conditions present a favorable opportunity to increase its Bitcoin reserves.

“The purchase, holding of BTC and continuous expansion of BTC reserves is an important strategy of the Group,” Boyaa stated in its announcement. “Based on the considerations of the future prospects of BTC and ETH and the Company’s strategic plan, the Board is of the view that it is the relatively appropriate time for the Group to convert the ETH held by the Group to BTC to expand the BTC reserves.”

A Growing Trend

Boyaa’s move is part of a broader trend among companies that are embracing cryptocurrency as a strategic asset. In November 2023, the company initiated a $100 million cryptocurrency investment program, allocating $45 million to Bitcoin, $45 million to Ether, and $10 million to stablecoins.

Other notable companies that have recently increased their Bitcoin holdings include MicroStrategy, which added 55,000 BTC to its treasury in November. Additionally, Rumble, Semler Scientific, and Genius Group have also made significant Bitcoin purchases.

Also Read: Hong Kong’s Bold Tax Move: 0% Capital Gains on Crypto to Rival Singapore – 450+ Funds Already Onboard

As the cryptocurrency market continues to evolve, it is likely that more companies will follow suit and allocate a portion of their assets to digital currencies. Boyaa Interactive’s strategic shift underscores the growing acceptance of Bitcoin as a valuable investment vehicle.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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