Boyaa Surpass Metaplanet Bitcoin Holding after Converting $49.5M ETH to BTC
Boyaa recently exchanged 14,200 Ether (ETH), valued at approximately $49.5 million, for 515 Bitcoin (BTC) in open market transactions.
Boyaa Interactive, a prominent Chinese gaming company, has solidified its position as Asia’s largest corporate holder of Bitcoin following a strategic conversion of its Ethereum holdings.
Furthermore, the company, often referred to as the “MicroStrategy of Hong Kong,” recently exchanged 14,200 Ether (ETH), valued at approximately $49.5 million, for 515 Bitcoin (BTC) in open market transactions.
The acquisition significantly boosts Boyaa’s Bitcoin holdings to approximately 3,183 BTC, currently valued at over $312 million at prevailing market prices. This surpasses Japanese investment firm Metaplanet’s holdings of 1,018 BTC.
Boyaa Strategic Cryptocurrency Journey
Boyaa’s foray into cryptocurrency began in November 2023, with the announcement of a plan to allocate up to $100 million towards Bitcoin, Ethereum, and other cryptocurrencies.
The company initially acquired the 14,200 ETH for $39.45 million at an average price of $2,777 per coin. The subsequent conversion to Bitcoin resulted in an average purchase price of $57,754 per Bitcoin for the newly acquired BTC. This demonstrates a calculated shift in the company’s treasury strategy, prioritizing Bitcoin as a core asset within its portfolio.
The move by Boyaa Interactive further highlights a growing trend among corporations globally to emulate MicroStrategy’s Bitcoin-centric investment approach. Metaplanet, previously considered Asia’s largest corporate Bitcoin holder, itself exemplifies this trend, having been actively accumulating Bitcoin and recently announcing plans to raise $62 million to further bolster its Bitcoin holdings.
Furthermore, other companies, including Thumzup and Rumble, have also adopted similar strategies, suggesting a wider acceptance of Bitcoin as a long-term investment asset, particularly amid speculation of Bitcoin reaching a price of $100,000.
Boyaa Interactive’s assertive move reflects a belief in Bitcoin’s long-term value proposition. The substantial investment and strategic reallocation of assets highlight the company’s confidence in Bitcoin’s potential as a store of value and its intention to maintain a prominent position within the Asian cryptocurrency landscape.
Moreover, this calculated shift in asset allocation, combined with the concurrent efforts of other companies adopting similar strategies, signals a potentially significant shift in corporate treasury management within the Asian market and beyond.
