Hong Kong Gaming Firm Boyaa Dumps Ethereum to Add $50 Million to Bitcoin Stash

Gaming company Boyaa Interactive announced Friday that it has exchanged its Ethereum tokens for nearly $50 million in Bitcoin, as the world’s oldest cryptocurrency hovers just below a potential price milestone of $100,000.

The Hong Kong-based gaming giant acquired about $49.5 million worth of Bitcoin this month, converting 14,200 Ethereum (ETH) into about 515 Bitcoin between November 19 and 28, the company said in a statement on Friday.

The company now owns 3,183 BTC, worth $310 million at the time of writing. That’s almost three times the value of Japanese investment firm Metaplanet’s approximately $111 million worth of Bitcoin.

Bitcoin is trading for around $97,300 at the time of writing, CoinGecko facts shows.

Boyaa acquired its Ethereum token holdings for $39.45 million, at an average price of $2,777 per token, according to the company’s statement.

This latest purchase is part of Boyaa’s broader plan to invest in digital assets. Last year, Boyaa promised in a statement to invest up to $100 million in cryptocurrencies, including Bitcoin, Ethereum and stablecoins.

However, it is not the only company to replenish its coffers with Bitcoin. Metaplanet—often called the Japanese MicroStrategy– has since raised approximately $53 million in Bitcoin unveiling its purchase plan for the token last April. The company announced this on Thursday Raising $62 Million for Additional Bitcoin Investments.

Meanwhile, MicroStrategy – the US software company responsible for devising the Bitcoin Treasury Reserve model – announced on Monday that it bought another 55,500 BTC worth $5.4 billion, which it brings in owns up to 386,700 Bitcoin. That’s worth more than $37 billion.

Other large public companies like Marathon digital holdings have recently joined the Bitcoin giant and have increased their cryptocurrency holdings in recent months.

Edited by Andrew Hayward