Hong Kong Gaming Firm Boyaa Interactive Swaps $49M in Ether for Bitcoin

Boyaa Interactive International, a Hong Kong-based company specializing in online card and board games, has made a significant adjustment to its treasury strategy, converting a large portion of its Ether holdings into Bitcoin. The company announced on November 29 that between November 19 and November 28, it exchanged 14,200 Ether—valued at over $49 million—for around 515 Bitcoin.

With this acquisition, Boyaa now holds a total of 3,183 Bitcoin, valued at $310.7 millon at current market prices, according to CoinGecko. This move is part of the company’s broader strategy to accumulate Bitcoin and strengthen its balance sheet with the leading cryptocurrency.

Strategic Shift in Treasury Management

Boyaa’s decision to convert Ether into Bitcoin is part of a long-term strategy aimed at expanding its Bitcoin reserves. The company emphasized that the purchase and holding of Bitcoin is a crucial component of its growth plan. In a statement, Boyaa explained:

"The purchase, holding of BTC, and continuous expansion of BTC reserves is an important strategy of the Group."

The company’s board justified this shift by pointing to the future prospects of both Bitcoin and Ether, with the belief that now is an opportune time to boost Bitcoin holdings. This decision follows the company’s earlier strategy laid out in November 2023, when Boyaa allocated $100 million to a mix of Bitcoin, Ether, and stablecoins. The breakdown of this initial investment saw $45 million go toward Bitcoin, another $45 million into Ether, and $10 million set aside for stablecoins like Tether (USDT) and USD Coin (USDC).

Company’s Performance and Market Movements

Boyaa’s treasury move comes at a time when the cryptocurrency market is showing strong performance. Over the past two weeks, Bitcoin has gained 6%, trading at over $96,000, while Ether has outperformed Bitcoin, rising by 18.3% to $3,669.

As of November 21, Boyaa’s third-quarter results showed that its treasury held 2,635 Bitcoin and 15,388 Ether. This strategic adjustment reflects the company’s confidence in Bitcoin’s future potential, which has been gaining traction among other corporations and institutional investors.

Stock Price Surge and Bitcoin Trend Among Companies

Boyaa’s stock price has seen a remarkable surge of 874% in the past year, currently trading at $0.68 (5.26 Hong Kong dollars). Although it remains below its all-time high of $1.81, the company’s stock performance aligns with its growing interest in cryptocurrencies and blockchain technology.

Boyaa is not alone in this trend. A number of firms have been increasing their Bitcoin holdings in recent months. MicroStrategy, led by Michael Saylor, expanded its Bitcoin stash by acquiring an additional 55,000 Bitcoin in a filing from November 25. Other companies, including YouTube alternative Rumble, tech firm Semler Scientific, and AI company Genius Group, also added Bitcoin to their balance sheets in November.

Boyaa’s bold move to shift assets from Ether to Bitcoin highlights a growing trend of corporate adoption of cryptocurrency, particularly Bitcoin, as a store of value and a hedge against inflation. With increasing institutional interest and market volatility, more companies are likely to follow suit in diversifying their holdings with Bitcoin.