Boyaa Interactive, a Chinese gaming giant, has become the largest corporate holder of Bitcoin in Asia, overtaking Japan’s Metaplanet.
This follows Hong Kong-listed Boyaa Interactive’s move to convert $49.48 million worth of Ethereum (ETH) into Bitcoin (BTC), which it disclosed on Nov. 29. Boyaa’s ETH to BTC conversion occurred between Nov. 19, 2024, and Nov. 28, 2024, with 14,200 ETH converted to approximately 515 BTC, the company said.
Read more: Bitcoin ETFs near record $6.2b inflow in US as BTC eyes $100k
According to a filing, the conversion of $49.48 million worth of Ether to Bitcoin was conducted in the open market.
Boyaa Interactive acquired the ETH for $39.45 million at an average price of $2,777 per coin. This sale of the 14,200 ETH sees the company’s BTC holdings increase to approximately 3,183 BTC, with the average purchase price at $57,754 per Bitcoin.
With this move, Boyaa Interactive has surpassed Metaplanet, the previous largest corporate holder of Bitcoin in Asia. Japanese investment firm Metaplanet’s total BTC holdings stood at 1,018 Bitcoins, valued at over $67 million. In comparison, Boyaa’s total BTC holdings at current prices are over $312 million.
Boyaa began its crypto treasury strategy in November 2023, revealing plans to allocate up to $100 million in BTC, ETH and other cryptocurrencies. Meanwhile, Metaplanet has emerged as one of the most aggressive buyers of the flagship cryptocurrency—it has been dubbed “Asia’s MicroStrategy.”
On Nov. 29, Metaplanet announced plans to raise $62 million to buy more Bitcoin.
Several companies have, over the past few months, looked to follow MicroStrategy’s playbook by adopting a Bitcoin strategy. These include Thumzup and Rumble, and the trend appears to be picking up pace as Bitcoin’s price flirts with the $100,000 level.
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