One of the top Hong Kong-based gaming companies, Boyaa Interactive, has converted $49.48 million worth of Ethereum into Bitcoin. The gaming company has now become the largest corporate Bitcoin holder in Asia.
Boyaa Interactive revealed its move in a November 29 filing, explaining that it conducted a series of transactions from November 19 and 28. The company traded out 14,200 ETH for 515 BTC, boosting its total Bitcoin holdings to 3,183 BTC. Boyaa originally paid $39.45 million for the sold ETH at an average price of $2,777 per ETH. The most recent transaction showed a huge increase in value before the conversion.
The company also revealed that the current BTC purchases, which were paid directly using ETH, were at an average cost of $57,724 per Bitcoin. The company’s holdings now exceed those held by Japan’s Metaplanet, a well-known corporate Bitcoin investor. Metaplanet had a total of 1,018 BTC as of the end of October and was ranked as the second-largest corporate BTC holder at the time.
Boyaa’s move from Ethereum to Bitcoin is part of a wider strategy to diversify its treasury. The company also acknowledged Bitcoin’s increasing role as an important institutional asset.
Boyaa pledges to allocate $100 million to crypto assets
The surge in the value of Bitcoin has further buoyed Boyaa’s optimism around crypto assets. The coin has gained more popularity in global markets due to its endorsement by the incoming U.S. president, Donald Trump. The pro-crypto president has promised to make the coin part of the country’s strategic reserve as part of his fiscal policies.
Boyaa Interactive announced in August last year that it would dedicate $100 million to cryptocurrency acquisitions. In a letter to shareholders and investors, the company outlined that crypto purchases would fuel the company’s goals toward its development in the web3 industry.
The company explained that it would use $45 million toward BTC and ETH acquisitions. Boyaa Interactive also mentioned that not more than $10 million would go to buying the stablecoins USDT and USDC.
Boyaa Interactive applauded the Hong Kong government in the letter, pointing out the series of regulatory decisions it has made since October 2022. The company further insisted that the released regulations were setting the stage for sustainable development in virtual asset transactions and the web3 space. The letter also outlined the government’s understanding of web3 and crypto as part of upcoming trends and the future of financial markets.
Institutional investors show more interest in crypto
🇺🇸 3 US public companies just bought over $5 BILLION in #Bitcoin back to back.
WILD TIMES 🤯 pic.twitter.com/rwBzmPRD5A
— Vivek⚡️ (@Vivek4real_) November 18, 2024
In a recent annual Future Finance survey conducted by the Swiss crypto bank Sygnum, institutional investors showed increased interest in Bitcoin and other crypto assets. The report, which was released on November 14, also showed positive market sentiment toward digital assets.
The bank’s chief clients officer, Martin Burgherr, explained that more comprehensive crypto regulations, which are on the rise globally, might have contributed to the sentiment. Burgherr further suggested that the January launch of U.S. Bitcoin spot ETFs accelerated institutional adoption of the top crypto.
An October report by Chainalysis, which revealed North America’s dominance in crypto, explained that institutional investors fueled the dominance. Chainalysis further confirmed that the introduction of spot ETFs in the country increased institutional interest in digital assets.
Companies globally have been accumulating crypto, with the most notable being MicroStrategy, which made massive purchases this November. The Wall Street asset manager now has over 380,000 BTC. Recent research also pointed out the increased interest in BTC among U.S. and Japanese companies.
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