{"id":25015,"date":"2024-12-02T10:20:25","date_gmt":"2024-12-02T10:20:25","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=25015"},"modified":"2024-12-02T10:20:25","modified_gmt":"2024-12-02T10:20:25","slug":"hong-kong-gaming-firm-boyaa-interactive-swaps-49m-in-ether-for-bitcoin","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=25015","title":{"rendered":"Hong Kong Gaming Firm Boyaa Interactive Swaps $49M In Ether for Bitcoin"},"content":{"rendered":"

Boyaa Interactive International, a Hong Kong-based online gaming company known for its card and board games, has swapped its Ethereum holdings into Bitcoin as part of a shift in its cryptocurrency treasury. <\/span><\/p>\n

The firm converted 14,200 Ether, valued at over $49 million, into approximately 515 BTC between 19 -28 November, according to a <\/span>statement released on 29 November 2024<\/span><\/a>.<\/span><\/p>\n

The decision is part of Boyaa\u2019s <\/span>broader<\/span> plan to prioritize Bitcoin as its primary digital asset. <\/span><\/p>\n

EXPLORE:<\/span>\u00a0The 18 Best New Cryptocurrencies to Invest in 2024<\/span><\/a><\/strong><\/p>\n

Boyaa Interactive Now Holds 3,183 BTC<\/span><\/h2>\n

Following the conversion, the company now holds 3,183 Bitcoin, worth approximately $310.7 million at current prices, according to CoinGecko data.<\/span><\/p>\n

\u201cThe purchase, holding, and continuous expansion of BTC reserves is an important strategy of the Group,\u201d Boyaa stated. <\/span><\/p>\n

The board believes the timing was favorable <\/span>to<\/span> convert<\/span> its Ether holdings to Bitcoin, citing their strategic view on the <\/span>future<\/span> prospects of both cryptocurrencies.<\/span><\/p>\n

As of its third-quarter financial report, released on November 21, Boyaa held 2,635 Bitcoin and 15,388 Ether in its treasury. The recent transaction highlights the company\u2019s intent to build a stronger Bitcoin position.<\/span><\/p>\n

$49M Swap: Boyaa Bets Big on Bitcoin<\/p>\n

Hong Kong gaming giant Boyaa Interactive just traded $49M in Ether for 3,183 BTC, boosting their holdings from 2,635 BTC in September.<\/p>\n

It\u2019s a classic treasury play \u2013 trimming ETH\u2019s volatility for BTC\u2019s long-term edge.<\/p>\n

While many are getting\u2026 pic.twitter.com\/3SahJ2DwWh<\/a><\/p>\n

\u2014 Crypto Town Hall (@Crypto_TownHall) December 2, 2024<\/a><\/p>\n\n

The move comes during a period of strong performance for both Bitcoin and Ether. Bitcoin\u2019s price has risen by 6% over the past two weeks, reaching over $96,000, while Ether surged 18.3%, trading at $3,669 at the time of reporting.<\/span><\/p>\n

Boyaa initially ventured into cryptocurrency investments in November 2023 with a $100 million allocation, splitting $45 million each into Bitcoin and Ether and $10 million into stablecoins like USDT and USDC.<\/span><\/p>\n

This year, Boyaa\u2019s stock price has soared by 874%, now trading at $0.68 (5.26 Hong Kong dollars), although it remains below its all-time high of $1.81.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>15 Best Anonymous Bitcoin Wallets with no KYC in 2024<\/span><\/a><\/strong><\/p>\n

More Companies Invest In Bitcoin<\/span><\/h2>\n

Other companies are also turning to Bitcoin to diversify their treasuries. Video platform Rumble\u00a0<\/span>announced plans to invest in Bitcoin<\/span><\/a><\/strong>\u00a0on November 25, while Genius Group recently acquired 110 BTC for $10 million, aiming to hold up to 90% of its reserves in Bitcoin.<\/span><\/p>\n

Furthermore, healthcare technology firm Semler Scientific<\/span>\u00a0has expanded its Bitcoin portfolio<\/span><\/a><\/strong>. It purchased an additional 47 BTC for $3 million. The acquisition brings the company\u2019s total holdings to 1,058 BTC as part of its ongoing strategy to accumulate Bitcoin.<\/span><\/p>\n

The company has positioned Bitcoin as its primary treasury asset. It purchased 141 BTC for $8.4 million in the third quarter alone. Semler\u2019s strategy mirrors that of MicroStrategy, which holds 252,220 BTC, making it the largest public corporate holder of Bitcoin.<\/span><\/p>\n

Last week, Japanese investment firm Metaplanet <\/span>also<\/span> announced<\/span><\/a> that it is looking to bolster its Bitcoin reserves by raising over $62 million (9.5 billion Japanese yen) through a stock acquisition initiative.<\/span><\/p>\n

The firm\u2019s current Bitcoin treasury stands at 1,142 BTC, valued at\u00a0<\/span>more than<\/span>\u00a0$109 million.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>Best New Cryptocurrencies to Invest in 2024<\/span><\/a><\/strong><\/p>\n

The post Hong Kong Gaming Firm Boyaa Interactive Swaps $49M In Ether for Bitcoin<\/a> appeared first on <\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Boyaa Interactive International, a Hong Kong-based online gaming company known for its card and board games, has swapped its Ethereum holdings into Bitcoin as part of a shift in its cryptocurrency treasury. The firm converted 14,200 Ether, valued at over $49 million, into approximately 515 BTC between 19 -28 November, according to a statement released […]<\/p>\n","protected":false},"author":0,"featured_media":25016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-25015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25015"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25015"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25015\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/25016"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}