Hong Kong gaming firm swaps $49M Ether in treasury for Bitcoin
Boyaa Interactive International, a Hong Kong holding company specializing in online card and board games, has decided to shift around its treasury assets by swapping out Ether for Bitcoin.
In a Nov. 29 statement, the gaming company said it converted 14,200 Ether (ETH), worth over $49 million, to approximately 515 Bitcoin (BTC) between Nov. 19 and Nov. 28.
With the latest acquisition, Boyaa Interactive International now has 3,183 Bitcoin in its stash, worth $310.7 million at current prices, according to CoinGecko.
Boyaa Interactive’s board of directors approved the open market conversion of Ether to Bitcoin. Source: Boyaa Interactive International
“The purchase, holding of BTC and continuous expansion of BTC reserves is an important strategy of the Group,” Boyaa said in a statement.
“Based on the considerations of the future prospects of BTC and ETH and the Company’s strategic plan, the Board is of the view that it is the relatively appropriate time for the Group to convert the ETH held by the Group to BTC to expand the BTC reserves.”
According to the firm’s third quarterly results, released Nov. 21, its treasury held 2,635 Bitcoin and 15,388 in Ether.
In the past 14 days, the price of Bitcoin has climbed over 6% to over $96,000, according to CoinGecko, but Ether has done even better, rising 18.3% to now trade at a price of $3,669.
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Boyaa began its crypto treasury strategy in November 2023, when the board of directors approved a $100 million initiative to allocate $45 million of corporate funds to Bitcoin, $45 million to Ether, and $10 million to stablecoins such as Tether (USDT) and USD Coin (USDC).
In the last year, the company’s stock price has spiked over 874% to its current price of $0.68 (5.26 Hong Kong dollars). However, it’s still down from its all-time high of $1.81 (14.06 Hong Kong dollars), according to Google Finance.
Since adopting crypto to its treasury, Boyaa Interactive International has experienced a notable price increase in the value of its stock. Source: Google Finance
A growing list of other firms have been adding Bitcoin to their balance sheets this year or increasing existing holdings.
Michael Saylor’s MicroStrategy reported a substantial expansion of its Bitcoin holdings in a filing on Nov. 25, buying an additional 55,000 Bitcoin.
YouTube alternative Rumble, Tech solution provider Semler Scientific and Artificial intelligence firm Genius Group also took steps to buy Bitcoin in November.
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