Chinese gaming giant Boyaa Interactive, listed on the Hong Kong Stock Exchange, has made a notable strategic move by converting a large portion of its digital assets from ETH to BTC.
According to a filing submitted on November 29, Boyaa converted 14,200 ETH into approximately 515 BTC through an open market transaction with a total value of $49.48 million. Previously, the company had purchased this Ethereum at an average price of $2,777 per ETH, totaling $39.45 million.
This move has increased the total amount of Bitcoin held by Boyaa to 3,183 BTC, with an average purchase cost of $57,724 per Bitcoin. This makes Boyaa the largest Bitcoin holder in Asia, surpassing Japan's Metaplanet, which is renowned for its strong buying strategy.
Boyaa's focus on Bitcoin stems from last year's announcement that the company would invest up to $100 million in cryptocurrencies, including Bitcoin and Ethereum, aiming to diversify its treasury management strategy by reallocating idle reserve funds into digital assets.
The increase in Bitcoin acceptance among institutions
Boyaa's purchase of Bitcoin is a clear testament to the trend of institutions shifting towards the leading digital asset. In the past month, companies such as Thumzup Media, Solidion Technology, Genius Group, and Rumble have also integrated Bitcoin into their treasury management strategies.
This trend aligns with larger movements, such as the proposal to establish a national Bitcoin reserve in the United States. Supporters, including elected President Donald Trump, view Bitcoin as a valuable addition to the national reserves. Senator Cynthia Lummis even suggested selling part of the U.S. gold reserves to buy Bitcoin, believing it could strengthen the country's financial stability.
Globally, countries like Brazil and Poland are also considering the potential role of Bitcoin in reserve management.
All these developments occur against the backdrop of the Bitcoin market making impressive strides. With its value more than doubling and nearing the $100,000 mark, analysts predict that Bitcoin will surpass the six-figure threshold before the end of the year, solidifying its position as a strategic asset.
