Boyaa Interactive swaps $49M Ether for 515 Bitcoin
Boyaa Interactive International, a Hong Kong-based gaming company, has swapped a substantial portion of its treasury assets, converting 14,200 Ether (CRYPTO:ETH) for 515 Bitcoin (CRYPTO:BTC) between Nov. 19 and Nov. 28.
The transaction, worth over $49 million, was approved by the company’s board as part of a strategy to increase its Bitcoin reserves.
Following the swap, Boyaa now holds a total of 3,183 Bitcoin, valued at around $310.7 million based on current market prices, according to CoinGecko data.
In a statement, the company emphasized that this decision aligns with its long-term strategy, viewing Bitcoin as a promising asset.
"Based on the considerations of the future prospects of BTC and ETH and the Company’s strategic plan, the Board is of the view that it is the relatively appropriate time for the Group to convert the ETH held by the Group to BTC to expand the BTC reserves," the board stated.
This move follows Boyaa’s third-quarter results, which revealed the company’s crypto treasury included 2,635 Bitcoin and 15,388 Ether prior to the swap.
Boyaa initiated its crypto treasury strategy in November 2023, with a $100 million initiative to diversify its holdings between Bitcoin, Ether, and stablecoins such as Tether (CRYPTO:USDT) and USD Coin (CRYPTO:USDC).
Over the past two weeks, Bitcoin’s price has risen by more than 6%, now exceeding $96,000, while Ether has seen a stronger 18.3% increase, reaching $3,669.
At the time of reporting, the Ethereum (ETH) price was $3,673.44, and the Bitcoin (BTC) price was $96,483.05.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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