Boyaa Interactive Becomes Asia's Largest Corporate Bitcoin Holder

Boyaa Interactive, a prominent Chinese gaming company, has emerged as Asia’s largest corporate Bitcoin holder, surpassing Japan's Metaplanet. The milestone follows Boyaa's recent strategic decision to convert its Ethereum holdings into Bitcoin.

ETH-to-BTC Conversion Details

According to a filing disclosed on November 29, Boyaa Interactive converted 14,200 ETH into approximately 515 BTC between November 19 and November 28, 2024. The Ethereum, purchased for $39.45 million at an average price of $2,777 per coin, was sold for a total of $49.48 million. This move increased Boyaa’s Bitcoin holdings to approximately 3,183 BTC, acquired at an average price of $57,754 per Bitcoin.

Outpacing Metaplanet

With its expanded Bitcoin reserves, Boyaa now holds over $312 million in BTC at current market prices, surpassing Japan’s Metaplanet, which owns 1,018 BTC valued at $67 million. Metaplanet, often referred to as “Asia’s MicroStrategy” for its aggressive Bitcoin acquisition strategy, has also announced plans to raise $62 million to purchase additional Bitcoin.

Boyaa’s Crypto Treasury Strategy

Boyaa Interactive began its foray into cryptocurrencies in November 2023, outlining plans to allocate up to $100 million in Bitcoin, Ethereum, and other digital assets. This latest move underscores the company’s confidence in Bitcoin as a long-term store of value and a key part of its financial strategy.

Growing Trend Among Corporates

Boyaa’s bold strategy reflects a broader trend among corporations adopting Bitcoin as a treasury asset. Companies like Thumzup and Rumble have joined the wave, taking inspiration from MicroStrategy, which pioneered this approach. As Bitcoin nears the $100,000 mark, corporate interest in the flagship cryptocurrency continues to rise.

This shift highlights a growing recognition of Bitcoin’s potential as a hedge against inflation and a vehicle for financial growth, further solidifying its position in the corporate world.