- Boyaa swapped 14,200 ETH for 515 BTC, raising holdings to 3,183 BTC ($310.7M).
- The move reflects confidence in Bitcoin’s long-term potential.
- The stock surged 874% in a year, boosted by its crypto strategy.
Boyaa Interactive International, a noted online card and board video game developer, announced substantial adjustments to its cryptocurrency strategic treasury strategy. The financials revealed that between Nov 19 and Nov. 28, it had displaced 14,200 ethers valued at more than $49 million for about 515 Bitcoins against what was considered an asset deallocation approach.
This move places Boyaa with a total of 3,183 Bitcoins, which are valued at an estimated $310.7 million, using the current market prices, per data from CoinGecko.
Boyaa had positioned the move as indicative of its perspective on the sector’s long view. In an official statement released on the Nov. 29 public statement, confidence in Bitcoin was reiterated to take a critical turn in further growth prospects.
“The purchase, holding of BTC, and continuous expansion of BTC reserves is an important strategy of the Group,” the company said. “Based on the consideration of the future prospect of BTC and ETH and the Company’s strategic plan, the Board is of the view that it is the relatively appropriate time for the Group to convert the ETH held by the Group to BTC to expand the BTC reserves.”
Boyaa Boosts Bitcoin Reserves Amid Crypto Market Surge
This strategic pivot follows Boyaa’s third-quarter financial report, issued on Nov. 21, which reported that the firm had amassed 2,635 Bitcoins and 15,388 Ethers. As expected, this swap now seals a bold step toward bolstering its Bitcoin assets. Boyaa’s shift comes amid a strong rally in cryptocurrency markets. Over the past two weeks, Bitcoin has gained 6% and is changing hands above $96000. Ether has jumped by 18.3% to $3,669.
The company’s foray into cryptocurrency began in November 2023 with a $100 million treasury strategy that apportioned $45 million each to Bitcoin and Ether, alongside $10 million to stablecoins such as Tether (USDT) and USD Coin (USDC).
Boyaa is among a growing list of corporations embracing Bitcoin as a treasury asset. On Nov. 25, Michael Saylor’s MicroStrategy reported a purchase of an additional 55,000 Bitcoin, further cementing its position as a BTC market leader.
Similarly, YouTube alternative Rumble, tech solutions firm Semler Scientific, and artificial intelligence company Genius Group also made significant Bitcoin acquisitions in November.
Boyaa Stock Surges 874% on Bitcoin Bet
Boyaa’s bold moves have resonated with investors. The stock price of the company has rocketed 874% in the last one year, reaching the current level of $0.68, which is 5.26 Hong Kong dollars. Despite the surge, the stock still is far away from its all-time high of $1.81, recorded by Google Finance, at 14.06 Hong Kong dollars.
While the cryptocurrency market continues to evolve, Boyaa is making a big bet on the long-term values of BTC. Only time will tell whether this gamble will pay off, but it underlines an uptick in the adoption rate of cryptocurrencies within corporate treasuries.
With an even stronger position in BTC and a more optimistic market outlook, Boyaa Interactive can be in a good position to remain a notable player in the intersection of gaming and blockchain technology.
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