Boyaa Interactive, a company listed on the Hong Kong Stock Exchange, has decided to reallocate its crypto assets, moving its holdings from Ethereum to Bitcoin. This marks a strategic shift in the company's approach to cryptocurrency investments.
Ethereum to Bitcoin Conversion Decision
According to a November 29 filing, Boyaa Interactive converted 14,200 ETH into approximately 515 BTC in an open-market deal worth more than $49 million. The Ethereum was acquired at an average cost of $2,777 per ETH, totaling $39.45 million. Post-transaction, Boyaa holds 3,183 BTC, with an average purchase price of $57,724 per coin. The company highlighted that this move aligns with its strategy to expand its Bitcoin reserves, considering market outlooks for both Ethereum and Bitcoin.
Boyaa's Investments and Previous Decisions
In March, Boyaa announced the approval of a $100 million initiative to allocate $45 million in corporate funds to Bitcoin, $45 million to Ethereum, and $10 million to stablecoins such as USDT and USDC. In July, the company disclosed a $1 million investment in the UTXO Management Bitcoin Ecosystem Fund, which is the asset management partner of BTC Inc., a significant player in the Bitcoin ecosystem.
Other Companies Investing in Bitcoin
Recent developments indicate an increasing trend in corporate investment in Bitcoin. For instance, the renowned online streaming platform Rumble has revealed its decision to diversify its cash reserves by investing in Bitcoin. The company’s Board of Directors authorized an allocation of up to $20 million in BTC, allowing for flexible purchasing. Similarly, Jiva Technologies secured approval for a strategy involving investments of up to $1 million in Bitcoin.
The actions of Boyaa Interactive and other companies highlight a continuing trend toward increasing corporate investments in Bitcoin. This is likely due to its growing popularity and confidence in its future prospects in the global financial market.
