Boyaa Interactive International has increased its Bitcoin holdings to 3,183, up from 2,635 at the end of September, following its latest acquisition.
The Hong Kong-based company, which specializes in online card and board games, has reallocated its treasury assets, swapping Ether for Bitcoin. Between November 19 and November 28, In a Nov. 29 statement, the company converted 14,200 Ether (worth over $49 million) into around 515 Bitcoin.
As a result of this latest purchase, Boyaa now holds 3,183 Bitcoin, valued at $310.7 million based on current market prices, according to CoinGecko.
In a statement, Boyaa described the purchase and ongoing increase in Bitcoin reserves as a key part of the company’s strategy, citing the long-term prospects of Bitcoin and Ether as being in line with its broader plans.
The company’s third-quarter results, released on November 21, showed that it previously held 2,635 Bitcoin and 15,388 Ether. Over the past two weeks, Bitcoin’s price has risen by over 6% to exceed $96,000, while Ether has seen an even larger increase of 18.3%, trading at $3,669.
Boyaa’s crypto treasury strategy began in November 2023, when it approved a $100 million initiative to allocate $45 million each to Bitcoin and Ether, with an additional $10 million to stablecoins like Tether and USD Coin.
Over the past year, the company’s stock has surged by more than 874%, reaching a current value of $0.68 (5.26 Hong Kong dollars), although it remains below its peak of $1.81 (14.06 Hong Kong dollars), according to Google Finance.
Other companies have also increased their Bitcoin holdings this year, with Michael Saylor’s MicroStrategy purchasing an additional 55,000 Bitcoin on November 25. Similarly, YouTube alternative Rumble, tech firm Semler Scientific, and AI company Genius Group have all made Bitcoin purchases in November.
