The leading Chinese gaming company has changed

Boyaa Interactive, a leading Chinese gaming company on the Hong Kong Stock Exchange, has switched a significant portion of its crypto assets from Ethereum to Bitcoin.

In the year In a Nov. 29 filing, the company reported that 14,200 ETH changed hands for 515 BTC in an open market contract worth approximately $49 million. Ethereum traded at an average of $2,777 per ETH for a total of $39.45 million.

Following the transaction, Boyaya now holds 3,183 BTC, at an average purchase price of 57,724 coins.

The company emphasized that considering the market conditions for both Ethereum and Bitcoin, it is consistent with its strategy to expand Bitcoin reserves. According to the board, changing existing Ether holdings is a timely decision.

In March, Boyaya announced the approval of a $100 million initiative to allocate $45 million of corporate funds to Bitcoin, $45 million to Ethereum, and $10 million to stablecoins such as Tether's USDT and Circle's USDC.

The Hong Kong Stock Exchange-listed firm announced a $1 million investment in UTXO Management's Bitcoin Ecosystem Fund in July. UTXO, interestingly, is the BTC Inc. It is an asset management partner, a key player in the Bitcoin ecosystem that owns Bitcoin Magazine and hosts the Bitcoin Conference.

The latest development shows that Bitcoin has decided to diversify its cash reserves by investing in Bitcoin as Rumble finds enthusiasm in corporate investment portfolios.

The company's board of directors has authorized the allocation of up to $20 million in BTC, allowing for flexible purchases. Similarly, Jiva Technologies, a healthcare and herbal e-commerce company, has committed to Bitcoin by licensing a strategy that includes investments of up to $1 million.