Hong Kong-based board game company Boyaa Interactive has significantly increased its Bitcoin position after selling Ethereum holdings. With a total of 3,183 BTC, Boyaa now holds more Bitcoin than any other company in Asia.
Strategic reallocation of crypto coins
Boyaa Interactive recently sold 14,200 ETH worth approximately $49 million and used the proceeds to purchase 515 Bitcoin. This transaction, carried out between November 19 and 28, brings their total Bitcoin holdings to 3,183 BTC. Previously, the company had 15,388 ETH and 2,635 BTC in its treasury, as indicated in their third quarter financial report.
According to Boyaa, the choice to convert Ethereum to Bitcoin reflects their confidence in Bitcoin’s prospects and a strategic focus on expanding BTC reserves. The purchase was made at an average price of $2,777 per coin, which now makes the company the largest Bitcoin holder in Asia, passing Japan’s Metaplanet (1,018 BTC).
The growing interest in Bitcoin
Boyaa’s decision comes amid a broader trend of companies adding Bitcoin to their balance sheets. Since Donald Trump’s victory in the US presidential election, Bitcoin has seen a strong rally, rising more than 37% in the past month. This growth is attributed to hopes for a more favorable regulatory environment in the United States and Bitcoin’s increasing recognition as a valuable hedge against inflation.
In addition to Boyaa, other companies in Asia such as Japan’s Remix Point have expanded their Bitcoin holdings. Remix Point announced it will add $3.2 million worth of Bitcoin to its portfolio, among other cryptocurrencies. Globally, companies such as MicroStrategy, with more than 386,700 BTC under its ownership, and Canadian and US companies are making similar strategic moves towards Bitcoin.
Bitcoin as a strategic asset
Boyaa Interactive’s decision to fully focus on Bitcoin highlights a shift in business strategy driven by growing confidence in the cryptocurrency’s long-term potential. This move not only strengthens their position as a leader in Asia, but also illustrates the broader trend of companies actively capitalizing on Bitcoin’s role as a strategic asset. This puts Boyaa firmly on the map within the global crypto industry.
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Source: https://newsbit.nl/boyaa-interactive-wordt-grootste-bitcoin-houder-in-azie/
