- Boyaa changed $49M in Ether to Bitcoin, and currently owns $310M in BTC.
- Since adding crypto into its treasury, the company’s stock has increased by 874%.
Boyaa Interactive International, a Hong Kong-based company primarily engaged in the development and operation of online card and board games, has apparently shifted tactics in its treasury by moving 14,200 Ether (ETH) worth some $49 million into just about 515 Bitcoin. The decision was made on Nov. 19 and reached on Nov. 28 for the purpose of expanding its holdings of Bitcoin in a larger effort to bolster its crypto reserves.
After the conversion, Boyaa owns a total of 3,183 Bitcoin, worth $310.7 million based on the current market price. The board of the company decided on the move since Bitcoin stood to gain ahead of Ether in the near future for its long-term strategic purposes.
Boyaa’s Crypto Treasury started in November 2023 when the company allocated a total of $100 million in corporate funds, to both Bitcoin and Ether, totaling $45 million to each with $10 million to stablecoins such as Tether and USD Coin. As of Nov. 21, the company’s treasury held 2,635 Bitcoin and 15,388 Ether.
Hong Kong’s Crypto Ambitions and Global Trends
The latest change occurs at a time when Bitcoin has gained 6% in the past two weeks, trading at more than $96,000. Ether rose 18.3 percent and traded at $3,669. Boyaa is one of the companies that embraced the strategic decision of Bitcoin with the increase in the number of firms embracing Bitcoin. The companies embracing Bitcoin this year include MicroStrategy, Rumble, Semler Scientific, and Genius Group.
This conversion of Ether to Bitcoin has been one of the main reasons for the phenomenal rise in the stock price of Boyaa Interactive, which rose by 874% within the last year and currently trades at $0.68 (5.26 HKD). Still far from it’s all-time peak of $1.81, the sheer increase is still a testament that investors remain confident in the evolving strategies of the firm.
While pumping strength to its bitcoin reserves, Boyaa Interactive makes this company even more solid as this enforces innovative financial strategies and corporate adoption trends of crypto.
Regarding the trend of institutional investments in Bitcoin, this development has begun to resound across the globe as other world leaders, like U.S. President-elect Donald Trump, voice out public support for adding Bitcoins to a country’s reserves. According to analysts, it may go six-figure by the end of the year as it will touch the $100,000 figure by that time.
