The prominent Hong Kong gaming company Boyaa Interactive has made a significant conversion of Ethereum into Bitcoin, making it the largest corporate Bitcoin holder in Asia.
Major Ethereum to Bitcoin Conversion
Boyaa Interactive disclosed its actions in a November 29 filing, explaining that it conducted a series of transactions from November 19 to 28, trading out 14,200 ETH for 515 BTC, thereby boosting its total Bitcoin holdings to 3,183 BTC. Boyaa originally paid $39.45 million for the sold Ethereum at an average price of $2,777 per ETH. The most recent conversion showed a significant increase in asset value before the trade.
Announcement of Crypto Investments
The surge in the value of Bitcoin further fueled Boyaa's optimism about crypto assets. The company announced in August last year that it would allocate $100 million to cryptocurrency acquisitions. In a letter to shareholders, the company outlined that crypto purchases would bolster its development goals in the web3 industry. Boyaa plans to use $45 million for BTC and ETH purchases, with no more than $10 million dedicated to stablecoins USDT and USDC. The company praised the Hong Kong government for its regulatory decisions since October 2022, which they believe set the stage for sustainable virtual asset development.
Rising Interest of Institutional Investors
A recent Future Finance survey conducted by the Swiss crypto bank Sygnum indicates an increasing interest from institutional investors in Bitcoin and other crypto assets. The bank’s Chief Clients Officer, Martin Burgherr, highlighted that more comprehensive crypto regulations have also contributed to this interest. It was also found that the launch of Bitcoin spot ETFs in the U.S. has accelerated institutional adoption of the cryptocurrency.
Boyaa Interactive continues to actively invest in cryptocurrencies, highlighting Bitcoin's growing role as an institutional asset.
