Interest in cryptocurrencies continues to grow in Hong Kong, and Boyaa Interactive is increasing its investments in Bitcoin.
Growing Interest in Cryptocurrencies in Hong Kong
Hong Kong is rapidly becoming a cryptocurrency hub by accepting Bitcoin and Ethereum ETFs. Institutional interest in the region continues to increase.
Boyaa Interactive Invests in Bitcoin
The major Hong Kong-listed company Boyaa Interactive has swapped its Ethereum holdings for Bitcoin. Between November 19-28, the company exchanged 14,200 Ethereum for 515 Bitcoin, worth approximately $49.48 million. Initially, these Ethereum were purchased at a cost of $39.45 million. Through this swap, Boyaa Interactive increased its Bitcoin assets to 3,183 BTC.
Company's Future Plans
Boyaa Interactive's average purchase price per Bitcoin is $57,700. The company also announced plans to purchase $100 million worth of cryptocurrencies within 12 months, starting November 2024.
The growing interest in cryptocurrencies in Hong Kong and the actions of companies like Boyaa Interactive indicate significant changes in the region's financial strategy.
