According to Cointelegraph, Boyaa Interactive International, a Hong Kong-based company known for its online card and board games, has made a significant move in its treasury management by converting its Ether holdings into Bitcoin. The company announced on November 29 that it had exchanged 14,200 Ether, valued at over $49 million, for approximately 515 Bitcoin between November 19 and November 28.
This strategic decision has increased Boyaa Interactive's Bitcoin reserves to 3,183 BTC, valued at $310.7 million at current market prices, as reported by CoinGecko. The company's board of directors approved this conversion, emphasizing the importance of Bitcoin in their long-term strategy. Boyaa stated that the decision to swap Ether for Bitcoin was based on future prospects and strategic planning, considering it an opportune moment to bolster their Bitcoin reserves.
The company's third-quarter results, released on November 21, revealed that Boyaa's treasury previously held 2,635 Bitcoin and 15,388 Ether. Over the past two weeks, Bitcoin's price has risen by over 6% to surpass $96,000, while Ether has seen an even more significant increase of 18.3%, reaching $3,669, according to CoinGecko.
Boyaa Interactive initiated its cryptocurrency treasury strategy in November 2023, with a $100 million plan to allocate $45 million each to Bitcoin and Ether, and $10 million to stablecoins like Tether and USD Coin. Over the past year, the company's stock price has surged by more than 874% to $0.68 (5.26 Hong Kong dollars), although it remains below its all-time high of $1.81 (14.06 Hong Kong dollars), as per Google Finance.
The adoption of cryptocurrency in its treasury has coincided with a notable increase in Boyaa Interactive's stock value. This trend is part of a broader movement among companies to incorporate Bitcoin into their balance sheets. Notably, MicroStrategy, led by Michael Saylor, expanded its Bitcoin holdings by purchasing an additional 55,000 BTC, as reported in a filing on November 25. Other companies, including YouTube alternative Rumble, tech provider Semler Scientific, and AI firm Genius Group, have also made Bitcoin acquisitions in November.
