Originally published on: December 02, 2024
Boyaa Interactive International, a renowned Hong Kong-based company specializing in online card and board games, recently made a strategic move by converting its treasury assets from Ether to Bitcoin.
According to a statement released on Nov. 29, the gaming giant exchanged 14,200 Ether, valued at over $49 million, for approximately 515 Bitcoin between Nov. 19 and Nov. 28.
Currently, Boyaa Interactive International holds a total of 3,183 Bitcoin in its reserves, amounting to $310.7 million based on current market prices, as reported by CoinGecko.
The decision to convert Ether to Bitcoin was approved by the company’s board of directors as part of a long-term strategy to enhance its BTC reserves.
“The purchase, holding of BTC, and continuous expansion of BTC reserves is an important strategy of the Group,” stated Boyaa Interactive International.
With a positive outlook on the future prospects of Bitcoin and Ethereum, the company believes that now is the right time to increase its BTC holdings.
This move follows the company’s initiative launched in November 2023, which allocated $45 million to Bitcoin, $45 million to Ether, and $10 million to stablecoins like Tether and USD Coin.
The decision to bolster its crypto holdings has significantly impacted Boyaa Interactive International’s stock value, which has surged over 874% in the past year.
In light of this trend, more companies are incorporating Bitcoin into their balance sheets, with MicroStrategy notably expanding its Bitcoin holdings and other firms following suit in November.
The crypto market continues to evolve, presenting new opportunities for companies to diversify their assets and adapt to the changing landscape.
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