Hong Kong-listed online gaming operator Boyaa Interactive International has made headlines by executing a significant cryptocurrency transaction, converting 14,200 units of Ethereum (ETH) into approximately 515 units of Bitcoin (BTC), totaling around $49.48 million.
Boyaa Interactive Boosts BTC Holdings To 3,183 Units
The initial acquisition cost of Ethereum was approximately $39.45 million, illustrating a substantial increase in value as Boyaa pivots to Bitcoin amid growing interest from major companies across various sectors.
This trend has gained momentum recently, particularly following the election of Donald Trump in the US on November 5, who has expressed intentions to establish a national Bitcoin reserve and make the country the “crypto capital of the world.”
Boyaa’s latest transaction enhances its Bitcoin holdings to about 3,183 units, positioning the company as the largest corporate Bitcoin holder in Asia, surpassing Japan’s Metaplanet.
Metaplanet, which has also been active in the cryptocurrency market, recently purchased an additional 156.78 BTC at an average price of $66,436, bringing its total Bitcoin holdings to 1,018 BTC, acquired at an average price of $61,629.
Bitcoin As A Reserve Asset
Metaplanet initially announced its strategy to adopt BTC as a strategic reserve asset in May 2024. Following a “Bitcoin first, Bitcoin only” philosophy, the company expanded its holdings with a $2 million purchase in September. This recent acquisition has positioned Metaplanet ahead of another prominent Asian firm, Meitu Inc., which currently holds 940 BTC.
In the broader landscape of publicly traded companies with significant Bitcoin reserves, Metaplanet ranks 16th, while the US-based business intelligence firm MicroStrategy leads the pack with an impressive portfolio of over 386,000 BTC, accounting for over 1.2% of BTC’s total supply.
Recently, co-founder Michael Saylor announced that MicroStrategy acquired 55,500 BTC between November 18 and November 24 for $5.4 billion, funded through proceeds from a $3 billion convertible note issuance and sales of common shares, as disclosed in a filing with the US Securities and Exchange Commission (SEC).
Specifically, this investment strategy drove Microstrategy stock (MSTR) to a new all-time high of $540 on November 21, and also tied BTC’s price to the price movements of Microstrategy’s MSTR stock.
As BTC dropped 7% to $91,000 on Tuesday, Microstrategy stock followed suit, falling to $340 the next day. Since then, both BTC and MSTR have recovered, with the latter currently trading at $394.
At the time of writing, the market’s leading crypto has regained the $96,700 level, inching closer to its record high of $99,540 set at the end of last week, and the coveted $100,000 milestone that experts predict is only a matter of time before it is surpassed.
Featured image from DALL-E, chart from TradingView.com
