Chinese gaming giant Boyaa Interactive, listed on the Hong Kong Stock Exchange, has shifted a significant portion of its crypto holdings from Ethereum to Bitcoin.
According to a Nov. 29 filing, the company said it converted 14,200 ETH into approximately 515 BTC in an open-market transaction valued at $49.48 million. The firm stated that it had acquired the original Ethereum holdings at an average price of $2,777 per ETH, amounting to $39.45 million.
Following this move, Boyaa’s total Bitcoin holdings rose to 3,183 BTC, with an average acquisition cost of $57,724 per Bitcoin. This strategic conversion positions Boyaa as Asia’s largest corporate Bitcoin holder, surpassing Japan’s Metaplanet, known for its aggressive acquisition strategy.
Boyaa’s focus on BTC follows its announcement last year that it will invest up to $100 million in cryptocurrencies, including Bitcoin and Ethereum. The company aimed to diversify its treasury management strategy by reallocating idle reserve funds into digital assets.
Bitcoin adoption gains momentum
Boyaa’s Bitcoin acquisition highlights a growing institutional shift toward the flagship digital asset. Over the past month, companies such as Thumzup Media, Solidion Technology, Genius Group, and Rumble have also integrated the top crypto into their treasury strategies.
This institutional shift aligns with broader movements like the push for a national Bitcoin reserve in the United States. Advocates, including President-elect Donald Trump, view Bitcoin as a valuable addition to traditional reserves. Senator Cynthia Lummis has even suggested selling portions of US gold reserves to acquire BTC, believing it could strengthen the country’s financial stability.
Globally, nations such as Brazil and Poland are also exploring BTC’s potential role in reserve management.
All of these developments occur amid BTC’s stellar market performance. With its value more than doubling and nearing the $100,000 milestone, analysts anticipate it will surpass six figures before year-end, solidifying its appeal as a strategic asset.
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