Hong Kong Gaming Firm Swaps $49M Ether for Bitcoin, Boosting BTC Reserves to $310M

Boyaa Interactive, a Hong Kong gaming company, has converted $49M in Ether into Bitcoin, increasing its BTC holdings to 3,183 coins worth $310M, citing strategic treasury adjustments.

Hong Kong-based Boyaa Interactive International, a leader in online card and board games, has made a strategic adjustment to its cryptocurrency treasury. In a statement released on Nov. 29, the company revealed it had converted 14,200 Ether (ETH), valued at over $49 million, into approximately 515 Bitcoin (BTC) between Nov. 19 and Nov. 28.

With this move, Boyaa’s Bitcoin holdings have risen from 2,635 BTC at the end of September to 3,183 BTC, now worth $310.7 million at current market prices, according to CoinGecko data.

“The purchase, holding of BTC, and continuous expansion of BTC reserves is an important strategy of the Group,” Boyaa stated. The company emphasized the decision aligns with its long-term strategy and reflects a bullish outlook on Bitcoin compared to Ether.

Boyaa’s third-quarter report indicated it held 2,635 Bitcoin and 15,388 Ether. This shift suggests a growing preference for Bitcoin within the firm’s treasury management.

The gaming company initially entered the cryptocurrency space in November 2023, when its board approved a $100 million treasury allocation. The strategy included $45 million for Bitcoin, $45 million for Ether, and $10 million for stablecoins like Tether (USDT) and USD Coin (USDC).

This latest move coincides with Bitcoin’s price increase of 6% over the past 14 days, now trading above $96,000. Meanwhile, Ether has surged 18.3% during the same period, trading at $3,669.

Boyaa’s stock has also seen a remarkable rise, spiking 874% over the past year to $0.68 (HK$5.26), though it remains below its all-time high of $1.81.

Boyaa joins a growing list of companies increasing their Bitcoin reserves. MicroStrategy recently expanded its Bitcoin holdings by 55,000 BTC in November, and firms like Rumble, Semler Scientific, and Genius Group have also announced Bitcoin purchases in recent months.

As Bitcoin continues to attract institutional and corporate interest, Boyaa’s move further underscores its growing role as a strategic reserve asset in the digital age.

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