Key Takeaways
- Boyaa Interactive converted 14,200 ETH into 515 BTC worth $49.48M.
- This makes Boyaa Asia's largest corporate Bitcoin holder.
- The move reflects a growing trend of institutional Bitcoin adoption.
Chinese gaming company Boyaa Interactive, listed on the Hong Kong Stock Exchange, has shifted its focus from Ethereum to Bitcoin in a strategic reallocation of its cryptocurrency holdings.
Bitcoin holdings
In a Nov. 29 filing, Boyaa revealed it converted 14,200 ETH into approximately 515 BTC via open-market transactions worth $49.48 million.
The company had originally purchased the Ethereum at an average price of $2,777 per ETH, for a total of $39.45 million.
Positioning
This latest move increases Boyaa’s Bitcoin holdings to 3,183 BTC, acquired at an average cost of $57,724 per Bitcoin.
This positions the company as the largest corporate Bitcoin holder in Asia, surpassing Japan’s Metaplanet, known for its substantial Bitcoin acquisitions.
Diversification strategy
Boyaa’s pivot aligns with its earlier announcement to allocate up to $100 million in cryptocurrencies, including Bitcoin and Ethereum, as part of a treasury diversification strategy.
The shift underscores a growing trend among institutions embracing Bitcoin for reserve management. Other firms, such as Thumzup Media and Solidion Technology, have also integrated Bitcoin into their financial strategies recently.
Global adoption
Globally, Bitcoin adoption is expanding beyond corporations, with countries like Brazil and Poland evaluating its use in national reserves.
Meanwhile, in the U.S., some officials, including President-elect Donald Trump, have supported acquiring Bitcoin in the country’s reserve.
