Boyaa Interactive International, a Hong Kong-based company known for its online gaming platforms, is realigning its treasury holdings by converting a significant amount of Ether into Bitcoin . Recently, the company announced that it has exchanged 14,200 Ether, valued at over $49 million, for roughly 515 Bitcoin between November 19 and November 28.
Following this strategic swap, Boyaa’s total Bitcoin reserves have grown to 3,183, with a combined value of approximately $310.7 million based on current market rates. The company emphasizes that this move to increase its Bitcoin reserves aligns with its long-term strategic goals and reflects positive expectations regarding the future performance of Bitcoin compared to Ether.
Boyaa’s most recent quarterly financial results show that it previously held 2,635 Bitcoin and 15,388 Ether. Over the past two weeks, Bitcoin ’s value has seen a 6% increase, exceeding $96,000, while Ether experienced a more substantial rise of 18.3%, now trading around $3,669. This market performance played a role in the company’s decision-making regarding asset distribution.
In November 2023, Boyaa initiated a crypto treasury strategy, committing $100 million to diversify its digital asset exposure, with $45 million allocated to each Bitcoin and Ether and $10 million reserved for stablecoins. Over the past year, Boyaa’s stock price has surged by over 874%, currently standing at $0.68, but it remains below its peak of $1.81.
As Boyaa adapts its portfolio, it is part of a broader trend as numerous companies expand their Bitcoin holdings. Notable firms include MicroStrategy, which significantly increased its Bitcoin acquisition, alongside others like Rumble and Semler Scientific, marking a notable shift in corporate investment strategies within the cryptocurrency space.
