Boyaa Converts $50M Ethereum to Bitcoin

Hong Kong-based gaming company Boyaa Interactive has swapped its Ethereum holdings for Bitcoin, investing nearly $50 million as the cryptocurrency approaches the $100,000 milestone. The firm converted 14,200 Ethereum (ETH) for approximately 515 Bitcoin (BTC) between November 19 and 28, the company announced Friday.

Boyaa’s recent acquisition brings its total Bitcoin holdings to 3,183 BTC, valued at $310 million as of this writing. This positions Boyaa ahead of Japan’s Metaplanet, which holds $111 million in Bitcoin, and aligns the company with other major firms ramping up their crypto reserves.

A Strategic Shift

From Ethereum to Bitcoin

Boyaa purchased its Ethereum tokens for $39.45 million at an average price of $2,777 per ETH. The conversion represents a significant strategic shift for the gaming giant as it doubles down on Bitcoin’s potential.

Bitcoin is currently trading around $96,815 just shy of the anticipated $100,000 mark, according to CoinGecko. The swap reflects growing confidence in Bitcoin’s position as a leading digital asset.

A $100 Million Crypto Investment Plan

This latest move aligns with Boyaa’s broader investment strategy. Last year, the company committed up to $100 million toward cryptocurrencies, including Bitcoin, Ethereum, and stablecoins. With its latest purchase, Boyaa appears to be solidifying its Bitcoin-first strategy, likely betting on the asset’s long-term dominance in the digital market.

The Broader Bitcoin Surge

Other Players Join the Race

Boyaa is not alone in increasing its Bitcoin reserves. Japanese investment firm Metaplanet, often called Japan’s MicroStrategy, has added $53 million worth of Bitcoin since April. On Thursday, the company announced plans to raise an additional $62 million for further Bitcoin investments.

Meanwhile, U.S.-based MicroStrategy, credited with pioneering the Bitcoin treasury reserve model, announced Monday that it purchased 55,500 BTC worth $5.4 billion. This brings its total holdings to an astounding 386,700 BTC, valued at over $37 billion.

Public companies like Marathon Digital Holdings have also expanded their Bitcoin reserves recently, highlighting the growing trend among firms to adopt Bitcoin as a key component of their treasury strategies.

A Growing Bitcoin Economy

Boyaa’s strategic shift underscores the increasing institutional confidence in Bitcoin as both an investment asset and a store of value. As Bitcoin nears the $100,000 milestone, major firms are reshaping their crypto strategies to capitalize on the asset’s upward momentum.

With other companies like MicroStrategy and Metaplanet leading similar efforts, Boyaa’s move strengthens the narrative of Bitcoin’s dominance in the crypto economy. The coming months could see even greater institutional participation, further bolstering Bitcoin’s market position.