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 adjusted its treasury assets by exchanging Ether for Bitcoin.

In a statement released on November 29, the gaming company announced that it had converted 14,200 Ether (ETH), valued at over $49 million, into approximately 515 Bitcoin (BTC) between November 19 and November 28.

With this recent acquisition, Boyaa Interactive International now holds 3,183 Bitcoin in its treasury, estimated to be worth $310.7 million at current market prices, according to CoinGecko.

Boyaa Interactive's board of directors authorized the open market conversion of Ether to Bitcoin. Source: Boyaa Interactive International

"The acquisition, retention, and continuous expansion of BTC reserves are vital strategic objectives for the Group," Boyaa stated in its announcement.
"Taking into account the future prospects of BTC and ETH and the Company's strategic plan, the Board believes that it is an appropriate time for the Group to convert its ETH holdings into BTC to enhance its BTC reserves."

Based on the company's third-quarter financial report released on November 21, its treasury held 2,635 Bitcoin and 15,388 Ether.

Over the past 14 days, the price of Bitcoin has increased by 6% to over $96,000, while Ether has performed even better, climbing 18.3% to its current trading price of $3,669, according to CoinGecko.

Related: Hong Kong central bank to assist companies issuing tokenized bonds

Boyaa's crypto treasury strategy commenced in November 2023, with the board of directors approving a $100 million initiative to allocate $45 million to Bitcoin, $45 million to Ether, and $10 million to stablecoins such as Tether (USDT) and USD Coin (USDC).

In the past year, the company's stock price has surged by over 874% to its current level of $0.68 (5.26 Hong Kong dollars). However, it remains below its all-time high of $1.81 (14.06 Hong Kong dollars), as per Google Finance. 

Since incorporating crypto into its treasury, Boyaa Interactive International has witnessed a significant increase in its stock value. Source: Google Finance 

Various other companies have added Bitcoin to their balance sheets this year or expanded their existing holdings.

Michael Saylor's MicroStrategy announced a substantial expansion of its Bitcoin holdings by acquiring an additional 55,000 Bitcoin in a filing on November 25. 

YouTube alternative Rumble, technology solutions provider Semler Scientific, and artificial intelligence company Genius Group also made purchases of Bitcoin in November.

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