Hong Kong-Based Gaming Giant Boyaa Interactive Converts $49.48 Million Worth of Ethereum into Bitcoin

Boyaa Interactive has now become the largest corporate Bitcoin holder in Asia.

Hong Kong-based gaming company Boyaa Interactive has converted $49.48 million worth of Ethereum (CRYPTO: ETH) into Bitcoin (CRYPTO: BTC), making it the largest corporate Bitcoin holder in Asia, according to a recent filing.

The company conducted a series of transactions between November 19 and 28, trading out 14,200 ETH for 515 BTC, increasing its total Bitcoin holdings to 3,183 BTC. Boyaa had initially paid $39.45 million for the sold ETH at an average price of $2,777 per ETH. The latest transaction showed a significant increase in the value of the coin before the conversion.

Boyaa also revealed that the latest BTC purchases, which were paid for directly using ETH, came at an average cost of $57,724 per Bitcoin. The company's holdings now surpass those of another well-known corporate Bitcoin investor, Japan’s Metaplanet, which held 1,018 BTC at the end of October.

The company's move from Ethereum to Bitcoin is part of a broader strategy to diversify its treasury, and the filing also acknowledged Bitcoin's increasing role as an important institutional asset.

Boyaa Pledges To Allocate $100 Million To Crypto Assets

The recent surge in the value of Bitcoin has further buoyed Boyaa's optimism around crypto assets, which have gained increased popularity in global markets due to the endorsement of incoming U.S. President Donald Trump.

The pro-crypto president has promised to include the coin in the country’s strategic reserve as part of his fiscal policies.

Boyaa Interactive announced last August that it would dedicate $100 million to cryptocurrency acquisitions. In a letter to shareholders and investors, the company outlined that crypto purchases would fuel the company’s goals toward its development in the web3 industry.

The company explained that it would use $45 million toward BTC and ETH acquisitions, while not more than $10.5 million would be used to buy the stablecoins USDT and USDC, respectively.

In the letter, Boyaa Interactive also applauded the Hong Kong government for the series of regulatory decisions it had made since October 22. The company insisted that the released regulations were setting the stage for sustainable development in virtual asset transactions and the web3 space. The letter also outlined the government's understanding of web3 and crypto as part of upcoming trends and the future of financial markets.

Institutional Investors Show More Interest In Crypto

3 US public companies just bought over $5 BILLION in #Bitcoin back to back.

WILD TIMES 🤯 pic.twitter.com/rwBzmPRD5A

— Vivek⚡️ (@Vivek4real_) November 18, 2024

In a recent annual Future Finance survey conducted by Swiss crypto bank Sygnum, institutional investors showed increased interest in Bitcoin and other crypto assets. The report, which was released on November 14, also showed positive market sentiment toward digital assets.

The bank's chief clients officer, Martin Burgherr, explained that more comprehensive crypto regulations, which are on the rise globally, might have contributed to the sentiment.

Burgherr further suggested that the January launch of U.S. Bitcoin spot ETFs accelerated institutional adoption of the top crypto.

An October report by Chainalysis, which revealed North America's dominance in crypto, explained that institutional investors fueled the dominance. Chainalysis also confirmed that the introduction of spot ETFs in the country increased institutional interest in digital assets.

Companies globally have been accumulating crypto, with the most notable being MicroStrategy, which made massive purchases this November. The Wall Street asset manager now has over 380,000 BTC. Recent research also pointed out the increased interest in BTC among U.S. and Japanese companies.