Boyaa Interactive: Sell Ethereum, increase Bitcoin reserves to 3,183 BTC
Boyaa Interactive, a leading gaming company in Hong Kong, has recently attracted attention by converting its entire Ethereum ($ETH ) worth nearly 50 million USD into Bitcoin ($BTC ). This is the latest move in the company's strategy to strengthen its digital asset reserves.
The largest digital asset conversion in Asia
From November 19-28, 2024, Boyaa sold 14,200 ETH (averaging 2,777 USD/token) to purchase approximately 515 BTC, raising its total Bitcoin holdings to 3,183 BTC, equivalent to 310 million USD. This move makes Boyaa the largest holder of Bitcoin in Asia, surpassing Japan's Metaplanet, which has a BTC value of 111 million USD.
With the current Bitcoin price around 97,300 USD, Boyaa is taking advantage of investment opportunities as the cryptocurrency approaches the historic milestone of 100,000 USD.
This is not the first time Boyaa has participated in the cryptocurrency market. Last year, the company announced a plan to invest 100 million USD in digital assets such as Bitcoin, Ethereum, and #stablecoin .
In addition to Boyaa, many other companies are also investing in Bitcoin:
Metaplanet recently raised 62 million USD to buy more BTC. MicroStrategy, a leader in the Bitcoin reserve model, has just added 55,500 BTC worth 5.4 billion USD, increasing its total Bitcoin holdings to 386,700 BTC (over 37 billion USD). Marathon Digital Holdings and other companies have also been continuously increasing their Bitcoin reserves recently.
Boyaa's conversion of its entire Ethereum to Bitcoin underscores the shift in priority among major companies towards Bitcoin, as this currency is increasingly seen as a strategic reserve asset in the context of a volatile cryptocurrency market.