#ThanksgivingBTCMoves

Selling ETH for BTC: Leading Chinese Gaming Firm Converts

Boyaa Interactive, a leading Chinese gaming firm on the Hong Kong Stock Exchange, has reallocated a significant portion of its crypto assets from Ethereum to Bitcoin.

As per a November 29 filing, the company reported converting 14,200 ETH into approximately 515 BTC in an open-market deal worth more than $49 million. The Ethereum had been acquired at an average cost of $2,777 per ETH, totaling $39.45 million.

Following the transaction, Boyaa now holds 3,183 BTC, with an average purchase price of $57,724 per coin.

The company emphasized that the move is in line with its strategy to expand its Bitcoin reserves, considering the market outlook for both Ethereum and Bitcoin. According to the board, converting existing Ether holdings into is a timely decision.