Boyaa Swaps $50M Ethereum for Bitcoin as BTC Nears $100K

Boyaa Interactive Shifts Focus to Bitcoin

Hong Kong-based gaming giant Boyaa Interactive has made a significant move in its cryptocurrency strategy by converting nearly $50 million worth of Ethereum into Bitcoin. This decision aligns with Bitcoin’s upward trajectory toward the $100,000 price milestone.

Between November 19 and 28, Boyaa exchanged 14,200 Ethereum for 515 Bitcoin. This transaction increased the company’s total Bitcoin holdings to 3,183 BTC, now valued at approximately $310 million.

Details of the Ethereum-to-Bitcoin Swap

According to Boyaa Interactive, the Ethereum tokens were initially acquired for $39.45 million at an average price of $2,777 per ETH. With Bitcoin currently trading around $97,300, the strategic swap has significantly boosted the value of the company’s digital asset portfolio.

This move is part of Boyaa’s broader investment strategy. The company had previously committed up to $100 million to digital assets, including Bitcoin, Ethereum, and stablecoins, demonstrating its confidence in the long-term potential of cryptocurrencies.

Corporate Adoption of Bitcoin

Boyaa Interactive is not alone in its Bitcoin-centric strategy. Other corporate players are also expanding their Bitcoin reserves, further cementing the cryptocurrency’s dominance in the digital asset space.

• Metaplanet: Dubbed “Japan’s MicroStrategy,” this investment firm has accumulated $53 million worth of Bitcoin since April and plans to raise an additional $62 million to bolster its reserves.
• MicroStrategy: The U.S.-based pioneer of corporate Bitcoin investments recently purchased 55,500 BTC worth $5.4 billion, bringing its total holdings to 386,700 BTC, valued at over $37 billion.
• Marathon Digital Holdings: Another notable public company, Marathon, has added to its Bitcoin holdings, signaling continued confidence in the asset.

Bitcoin’s Rising Momentum

The increasing adoption of Bitcoin by corporations reflects growing confidence in its long-term value and stability. With Bitcoin nearing the $100,000 threshold, companies like Boyaa Interactive stand to reap substantial benefits from its continued growth.

As the cryptocurrency market evolves, Boyaa’s strategic shift underscores the increasing importance of Bitcoin as a store of value and a key asset for corporate treasuries.