Hong Kong’s Boyaa Interactive Dumps Ethereum for Bitcoin in $49M Trade

In a notable move reflecting growing institutional interest in cryptocurrencies, Chinese gaming giant Boyaa Interactive has swapped Ethereum for Bitcoin, contributing to the ongoing surge in corporate crypto investments.

The Hong Kong-listed company made a significant cryptocurrency transaction, converting 14,200 units of Ethereum (ETH) into around 515 units of Bitcoin (BTC) on the open market. The total value of the swap was approximately $49.48 million. Boyaa revealed that its original Ethereum holdings were purchased at an average price of $2,777 per ETH, totaling $39.45 million.

Boyaa’s Crypto Investment Plan

This acquisition brings Boyaa’s Bitcoin holdings to about 3,183 BTC, making it Asia’s largest corporate Bitcoin holder. The company has now surpassed Japan’s Metaplanet, which is known for its aggressive Bitcoin acquisition strategy.

In 2023, Boyaa Interactive announced its plan to invest up to $100 million in digital assets, including Bitcoin and Ethereum. The company allocated $45 million for Bitcoin, $45 million for Ethereum, and $10 million for stablecoins, such as Tether’s USDT and Circle’s USDC, to be spent over a 12-month period.

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Hong Kong’s Growing Crypto Ambitions

Boyaa’s Bitcoin acquisition highlights Hong Kong’s increasing ambition to become a global hub for cryptocurrency and Web3 industries. This move is part of a larger trend of institutional investors increasingly turning to Bitcoin as a store of value.

The trend of institutional investment in Bitcoin is growing stronger. Recently, Bitcoin miner MARA Holdings acquired an additional 703 BTC, valued at approximately $62 million, through a $1 billion zero-coupon convertible senior notes offering. In addition, MicroStrategy made headlines by purchasing 55,500 more Bitcoin for $5.4 billion, bringing its total holdings to 386,700 BTC.

Global Push for Bitcoin Reserves

The rise of institutional Bitcoin investments aligns with broader efforts to integrate Bitcoin into national financial strategies. President-elect Donald Trump has expressed support for adding Bitcoin to traditional reserves, while Senator Cynthia Lummis recently proposed selling part of the US gold reserves to acquire Bitcoin, believing it could strengthen the country’s financial system.

As these institutional moves unfold, Bitcoin continues to perform exceptionally well in this bull market. With its price climbing toward the $100,000 mark, analysts predict that Bitcoin could surpass six figures before the year ends.

With rising interest and expanding institutional support, Bitcoin’s path to new heights seems inevitable.