
Boyaa Interactive, a prominent gaming company based in China, has emerged as the foremost corporate holder of Bitcoin in Asia, surpassing Japan’s Metaplanet.
This development comes after Boyaa Interactive, listed in Hong Kong, converted $49.48 million worth of Ethereum (ETH) into Bitcoin (BTC), as disclosed on November 29. The conversion of ETH to BTC took place between November 19, 2024, and November 28, 2024, with 14,200 ETH being exchanged for about 515 BTC, according to the company.
As per a filing, the transformation of $49.48 million in Ether to Bitcoin was executed in the open market.
Boyaa Interactive acquired the ETH for $39.45 million at an average price of $2,777 per coin. This sale of 14,200 ETH elevates the company’s BTC holdings to around 3,183 BTC, with an average purchase price of $57,754 per Bitcoin.
With this strategic move, Boyaa Interactive has eclipsed Metaplanet, the previous largest corporate Bitcoin holder in Asia. The Japanese investment firm Metaplanet’s total BTC holdings amounted to 1,018 Bitcoins, valued at over $67 million, while Boyaa’s total BTC holdings are now worth more than $312 million at current prices.
Boyaa initiated its cryptocurrency treasury strategy in November 2023, announcing intentions to allocate up to $100 million towards BTC, ETH, and other digital currencies. In contrast, Metaplanet has become recognized for its aggressive acquisitions of Bitcoin, earning the nickname “Asia’s MicroStrategy.”
On November 29, Metaplanet revealed plans to raise $62 million for further Bitcoin purchases.
In recent months, several companies have been inspired to replicate MicroStrategy’s Bitcoin strategy, including Thumzup and Rumble. This trend seems to be gaining momentum as Bitcoin’s price approaches the $100,000 mark.