Hong Kong Gaming Company Exchanges $49M Ether in Treasury for Bitcoin
Boyaa Interactive International, a Hong Kong company specializing in online card and board games, has restructured its treasury by replacing Ether with Bitcoin.
In a statement on November 29, the gaming company said that 14,200 Ether (ETH) worth more than $49 million was exchanged for 515 Bitcoin (BTC) between November 19 and November 28.
Boyaa Interactive International now has 3,183 bitcoins in the market, worth $310.7 million at current prices, according to CoinGecko.
The Board of Directors of Boyaa Interactive has approved the open market conversion of Ether to Bitcoin. Source: Boyaa Interactive International
Boya said in a statement that “the purchase of BTC, the accumulation of BTC and the continuous expansion of BTC reserves is an important strategy of the group.”
“Considering the future prospects of BTC and ETH and the company's strategic plan, the time is relatively appropriate for the board to convert the ETH held by the group to BTC in order to expand the BTC reserves,” he said.
According to the company's third quarter results released on November 21, the treasury holds 2,635 bitcoins and 15,388 ethers.
According to CoinGecko, over the past 14 days, the price of bitcoin has risen 6 percent to $96,000. Still, Ether has done even better, up 18.3% to trade at $3,669 at the time of writing.
Related: Hong Kong's central bank to support companies issuing tokenized bonds
Boyaa launched its crypto treasury strategy in November 2023, when its board of directors approved a $100 million initiative to allocate $45 million in corporate funds to Bitcoin, $45 million to Ether, and $10 million to Tether (USDT) and US dollar coins (in ) USDC)
In the past year, the company's share price has risen more than 874 percent to its current price of $0.68 (HK$5.26). That's still down from an all-time high of $1.81, according to Google Finance.
Boya Interactive International has seen a significant increase in share price since its crypto entry into the treasury. Source: Google Finance
A growing list of other firms are adding Bitcoin to their balance sheets or increasing their existing holdings this year.
Michael Sayler's MicroStrategy reported a significant expansion of its Bitcoin holdings on November 25th, buying an additional 55,000 Bitcoin.
YouTube Alternative Rumble, tech solutions provider Semler, scientific and artificial intelligence firm Genius Group took steps to buy Bitcoin in November.
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