The post Hong Kong Gaming Company Boyaa Interactive Swaps 14,200 ETH For 515 BTC appeared first on Coinpedia Fintech News
In a latest development, Chinese gaming giant Boyaa Interactive, listed on the Hong Kong Stock Exchange, has made a significant move swapping Ethereum for buying Bitcoin, adding to the current wave of massive surge in institutional interest.
The firm completed a significant cryptocurrency transaction by converting 14,200 units of Ethereum (ETH) into approximately 515 units of Bitcoin (BTC) in the open market, totaling around $49.48 million. The firm stated that it had acquired the original Ethereum holdings at an average price of $2,777 per ETH, amounting to $39.45 million.
Total Holdings Rise To 3,183 BTC
Notably, this move increases their Bitcoin holdings to about 3,183 units, which demonstrates Boyaa Interactive’s growing interest and investment in the digital asset space. Remarkably, this move positions Boyaa as Asia’s largest corporate Bitcoin holder, surpassing Japan’s Metaplanet, known for its aggressive acquisition strategy.
In 2023, the company had announced that it will invest up to $100 million in cryptocurrencies, including Bitcoin and Ethereum. Boyaa had drafted a plan to allocate $45 million to acquire BTC, $45 million to ETH and the remaining $10 million to Tether’s USDT and Circle’s USDC stablecoins within a 12-month period.
Bitcoin’s Rising Institutional Adoption
Boyaa’s digital asset plan highlights Hong Kong’s rising ambition as a global hub for crypto and Web3 industries. Notably, Boyaa’s Bitcoin acquisition highlights a growing institutional shift towards Bitcoin. Bitcoin miner MARA Holdings recently announced the purchase of an additional 703 Bitcoins, worth approximately US$62 million, through a $1 billion zero-coupon convertible senior notes offering. Also, MicroStrategy bought 55,500 more bitcoin over the past week for $5.4B, bringing its total holding to 386,700 BTC.
This institutional shift aligns with broader movements like the push for a national Bitcoin reserve in the United States. President-elect Donald Trump views Bitcoin as a valuable addition to traditional reserves. Senator Cynthia Lummis had recently suggested selling portions of US gold reserves to acquire BTC which could strengthen the country’s financial stability.
Bitcoin has continued to display a splendid performance this bull run. All of these developments occur amid BTC’s stellar market performance. With its value more than doubling and nearing the $100,000 milestone, analysts anticipate it will surpass six figures before the year-end.