Hong Kong-based board games manufacturer Boyaa Interactive has increased its exposure to Bitcoin following a recent treasury reallocation, making it Asia’s largest corporate holder of the bellwether cryptocurrency.
According to a recent disclosure, Boyaa Interactive has shed off its Ethereum holdings and directed those funds to acquire more Bitcoin.
Specifically, the company sold 14,200 Ether for roughly $49 million to acquire 515 Bitcoin after initially acquiring the ETH for $39.45 million.
The transaction was executed between November 19 and 28, bringing the firm’s total Bitcoin holdings to 3,183 BTC.
Prior to the recent conversion, the gaming company’s third-quarter financial report indicated its treasury held 15,388 ETH and 2,635 Bitcoin.
The recent addition also makes Boyaa the largest corporate holder of the flagship asset in Asia, with the assets acquired at an average price of $2,777 per coin. Boyaa surpassed Japan’s Metplanet, which previously held this title with a stash of 1018 Bitcoins.
According to Boyaa, the decision to convert Ether into Bitcoin reflects their confidence in Bitcoin’s “prospects” and their strategic focus on expanding BTC reserves.
They emphasized that the timing of the conversion was deemed “relatively appropriate,” and the conversion was done under “fair and reasonable” terms in the open market, ensuring it aligns with the interests of the company and its shareholders.
Boyaa initially adopted plans to incorporate cryptocurrency assets in its treasury back in November 2023.
At the time, the firm proposed a 12-month plan to accumulate Bitcoin, Ethereum, and the stablecoins Tether, as well as USD Coin.
Growing demand for Bitcoin
The Bitcoin addition comes as the flagship asset has rallied to a new all-time high and was up over 37% in the past month when writing.
Bitcoin began its current run right after President-elect Donald Trump defeated current Vice President Kamala Harris in the 2024 election race.
Subsequently, the entire cryptocurrency market, led by BTC, surged to new highs in hopes of a potentially supportive regulatory environment for cryptocurrencies in the United States and the creation of a strategic Bitcoin reserve.
With Bitcoin’s increasing value and its growing recognition as a hedge against inflation, more companies have been prompted to add the cryptocurrency to their balance sheets.
Besides Boyaa, several other companies in Asia and beyond have either added Bitcoin to their balance sheets or added more of the asset.
Remix Point, a Japanese firm operating in the automobile and energy creation sectors, recently announced plans to add $3.2 million worth of BTC to its holdings after initially adopting a crypto-focused portfolio in September 2024.
As of November 20, the firm held 64.4 BTC, alongside several other cryptocurrencies.
Across the globe, US-based companies like Hoth Therapeutics and Anixa Biosciences have recently made similar investments, while in Canada, wellness-focused e-commerce firm Jiva Technologies will allocate $1 million to Bitcoin.
Meanwhile, MicroStrategy, led by Michael Saylor, remains the largest and earliest corporate holder of Bitcoin, with a stash of over 386,700 BTC, currently valued at approximately $36.75 billion.
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