The gaming giant from Hong Kong sells Ethereum to buy Bitcoin

The Chinese gaming giant Boyaa Interactive made a significant transaction on November 29, converting 14,200 Ethereum (ETH) into approximately 515 Bitcoin (BTC) through the open market. The total transaction value reached approximately $49.48 million. The company purchased this ETH at an average price of $2,777 per unit, totaling around $39.45 million. This conversion has increased the amount of Bitcoin that Boyaa owns to approximately 3,183 BTC, making the company the largest Bitcoin holder in Asia, surpassing its Japanese competitor Metaplanet.

This move comes amid growing interest from institutional investors in Bitcoin and increasing cryptocurrency adoption in Hong Kong. Boyaa has announced plans to invest up to $100 million in cryptocurrencies, including Bitcoin and Ethereum.