Boyaa Interactive Acquires 515 BTC for $49.48 Million in Major Transaction
Hong Kong-based online gaming company Boyaa Interactive announced the purchase of 515 Bitcoin (#BTC) in a transaction valued at approximately $49.48 million. The acquisition involved converting 14,200 units of Ethereum (#ETH) into BTC on the open market. Boyaa initially acquired the ETH for $39.45 million, realizing a gain of over $10 million during the exchange.
Growing Bitcoin Reserves
With this purchase, Boyaa’s total Bitcoin reserves now amount to 3,183 BTC, acquired at an average cost of $57,724. As of mid-November, the company's portfolio included 2,641 BTC and 15,445 ETH, indicating a strong commitment to Bitcoin as a store of value.
Boyaa's crypto journey began in 2023, when it announced plans to allocate up to $100 million toward purchasing Bitcoin, ETH, and other digital assets. In March, the publicly traded company revealed it had exhausted its initial allocation and planned to recommit another $100 million for further crypto purchases.
In July, Boyaa made a strategic investment in the UTXO Bitcoin Ecosystem Fund to enhance its presence in the crypto economy.
Boyaa's strategies align with global firms investing heavily in Bitcoin. MicroStrategy, founded by Michael Saylor, has expanded its Bitcoin holdings significantly, recently purchasing 55,500 BTC worth approximately $5.4 billion on November 25, raising its total holdings to 386,700 BTC.
MicroStrategy's substantial Bitcoin investments have encouraged other firms, such as Metaplanet, founded by Skype co-creator Jaan Tallinn, to adopt Bitcoin in their financial portfolios. Smaller firms like Semler Scientific have also begun allocating resources to Bitcoin as a hedge against inflation and economic uncertainty. Recently, Semler announced the purchase of nearly 300 BTC, increasing its holdings to 1,570 BTC.
Boyaa’s Unique Approach
Boyaa Interactive employs a calculated approach to Bitcoin acquisition, aligning its focus as a gaming company with broader efforts to diversify assets and explore digital finance opportunities. The recent Ethereum-to-Bitcoin exchange reflects a belief in Bitcoin's stability and growth potential compared to other cryptocurrencies. In September, the company invested 100 BTC, valued around $5.82 million, in MTT ESports, a Web3 gaming firm, acquiring a 25% stake in the company.