Hong Kong Gaming Firm Boyaa Dumps Ethereum to Add $50 Million to Bitcoin Stash

Gaming firm Boyaa Interactive announced Friday that it has swapped its Ethereum tokens for nearly $50 million in Bitcoin, as the world's oldest cryptocurrency hovers just below a potential $100,000 price milestone.

The Hong Kong-based gaming giant acquired approximately $49.5 million in Bitcoin this month, converting 14,200 Ethereum (ETH) for about 515 Bitcoin between November 19-28, the company said Friday in a statement. 

The firm now holds 3,183 BTC, worth $310 million as of this writing. That's nearly three times the value of Japanese investment firm Metaplanet’s approximately $111 million in Bitcoin.

Bitcoin is trading for about $97,300 as of this writing, CoinGecko data shows. 

Boyaa acquired its Ethereum token holdings for $39.45 million, at an average price of $2,777 per token, according to the company's statement.

This latest purchase forms part of Boyaa's broader plan to invest into digital assets. Last year, Boyaa vowed in a statement to invest up to $100 million in cryptocurrencies, including Bitcoin, Ethereum, and stablecoins.

It's not the only company topping up its coffers with Bitcoin, however. Metaplanet—often called Japan's MicroStrategy—has scooped up about $53 million in Bitcoin since unveiling its purchase plan for the token last April. On Thursday, the firm announced it would raise $62 million for additional Bitcoin investments. 

Meanwhile, MicroStrategy—the U.S. software firm credited with devising the Bitcoin treasury reserve model—announced on Monday that it bought an additional 55,500 BTC worth $5.4 billion, bringing its holdings to 386,700 Bitcoin. That’s over $37 billion worth.

Other large public companies such as Marathon Digital Holdings have recently joined the Bitcoin giant, adding to their stockpiles of the cryptocurrency in recent months.

Edited by Andrew Hayward