Boyaa Interactive swapped 14,200 ETH for 515 BTC, boosting its Bitcoin holdings and earning a $10 million profit.
Hong Kong-based online gaming company Boyaa Interactive announced Friday that it has strengthened its cryptocurrency holdings by purchasing 515 Bitcoin BTC $88 057 24h volatility: 0.1% Market cap: $1.76 T Vol. 24h: $16.85 B in a major transaction.
The deal, worth approximately $49.48 million, involved converting 14,200 units of Ethereum ETH $2 974 24h volatility: 0.3% Market cap: $358.58 B Vol. 24h: $8.16 B to BTC on the open market. Boyaa initially acquired the ETH for $39.45 million, meaning the company realized a gain of over $10 million during the exchange.
Growing Bitcoin Reserves
With this latest purchase, Boyaa’s total Bitcoin reserves now stand at 3,183 BTC, purchased at the average cost of $57,724. As of mid-November, Boyaa held 2,641 BTC and 15,445 ETH in its portfolio, showcasing the company’s commitment to Bitcoin as a store of value.
The company’s crypto journey began in 2023, with the firm announcing plans to allocate up to $100 million toward the purchase of Bitcoin, ETH, and other digital assets. Earlier this year in March, the publicly traded company revealed that it has exhausted the initial allocation and plans to recommit another $100 million for crypto purchases.
Later in July, Boyaa announced that it had made a strategic investment in the UTXO Bitcoin Ecosystem Fund to bolster its presence in the crypto economy.
Meanwhile, the company’s crypto moves mirror similar strategies by global firms investing heavily in Bitcoin. MicroStrategy, a business intelligence company founded by Michael Saylor, has been the most notable example.
The US-based company has consistently expanded its Bitcoin holdings, recently purchasing 55,500 BTC worth approximately $5.4 billion on November 25. Currently, the company’s total Bitcoin holdings stand at 386,700 BTC.
MicroStrategy’s robust Bitcoin holdings have inspired other companies like Metaplanet, the investment firm founded by Skype co-creator Jaan Tallinn to embrace Bitcoin as part of its financial portfolio.
Even smaller firms, like the US-based Semler Scientific, have begun allocating resources to Bitcoin, viewing it as a hedge against inflation and economic uncertainty.
Earlier this week, the company announced that it had purchased nearly 300 BTC to increase its Bitcoin stash. The latest addition brought its total Bitcoin holdings to 1,570 BTC.
Boyaa’s Unique Approach
Unlike the aggressive Bitcoin acquisition strategies of firms like MicroStrategy, Boyaa Interactive has taken a more calculated path. As a gaming company, the company’s focus on the emerging economy aligns with its broader efforts to diversify its assets and explore opportunities in digital finance.
The recent Ethereum-to-Bitcoin exchange reflects a belief in Bitcoin’s stability and potential for growth compared to other cryptocurrencies. In September this year, the company invested 100 units of BTC worth around $5.82 million to MTT ESports, a Web3 gaming firm. Through the investment, the company now owns up to 25% stake in MTT ESports.
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