Boyaa Interactive Swaps Ether for Bitcoin in $49M Treasury Adjustment

Jimmy Aki
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Hong Kong-based gaming company Boyaa Interactive has made a significant adjustment to its crypto treasury. Between November 19 and November 28, the firm converted 14,200 Ether into its Bitcoin reserves, worth approximately $49 million.

Boyaa Interactive Boosts Bitcoin Reserves

In a statement on November 29, Boyaa explained the rationale behind the change. It noted that the shift aligns with its long-term strategic plan and reflects the board’s confidence in Bitcoin’s future prospects compared to Ether.

“The purchase, holding, and continuous expansion of BTC reserves is an important strategy of the Group,” the company said.

Boyaa’s crypto strategy, which began in November 2023, allocated $100 million across Bitcoin, Ether, and stablecoins.

At the time, the firm invested $45 million each into Bitcoin and Ether and $10 million into stablecoins like Tether. The recent adjustment reflects its growing focus on Bitcoin as a primary reserve asset.

Boyaa’s decision to favor Bitcoin over Ether appears strategic. By prioritizing Bitcoin, the firm aims to capitalize on its perception as a store of value and hedge against traditional financial market volatility.

As Boyaa stated, the timing of the Ether-to-Bitcoin conversion was informed by the board’s belief that Bitcoin’s long-term potential outweighs Ether’s.

The statement emphasized: “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 CoinGecko, this move has increased Boyaa’s Bitcoin holdings from 2,635 BTC in September to 3,183 BTC, now valued at $310.7 million.

Boyaa’s stock price has also experienced remarkable growth, surging 874% over the past year to its current level of $0.68 (5.26 Hong Kong dollars). However, the company’s shares remain significantly below their all-time high of $1.81.

Crypto Adoption Among Firms Grows

Boyaa’s move is part of a broader trend of companies adding or expanding their Bitcoin reserves.

Notably, MicroStrategy, led by Bitcoin advocate Michael Saylor, recently disclosed an additional purchase of 55,000 BTC, further solidifying its position as one of the largest corporate Bitcoin holders. The company’s bold Bitcoin acquisition has driven its stock growth since it began buying Bitcoin in 2020.

Other firms, including YouTube alternative Rumble and AI company Genius Group, have also bolstered their Bitcoin holdings in recent months.

Hong Kong’s push for financial innovation extends beyond tokenized bonds. On November 25, Hong Kong’s largest digital bank, ZA Bank, introduced a new service enabling retail customers to trade Bitcoin using fiat currency.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.