Boyaa Interactive, a prominent gaming company from China, has claimed the title of the largest corporate Bitcoin holder in Asia, outpacing Japan’s Metaplanet.
This shift comes after Boyaa Interactive’s recent announcement to convert $49.48 million worth of Ethereum (ETH) into Bitcoin (BTC), disclosed on November 29. The exchange of 14,200 ETH for about 515 BTC occurred between November 19, 2024, and November 28, 2024, according to the company’s statement.
A regulatory filing has confirmed that the $49.48 million exchange from Ether to Bitcoin was conducted in the open market.
Boyaa Interactive initially acquired the ETH for $39.45 million at an average cost of $2,777 per coin. Following the sale of these 14,200 ETH, the company’s total Bitcoin holdings increased to approximately 3,183 BTC, with an average purchase price of $57,754 per Bitcoin.
This calculated move elevates Boyaa Interactive above Metaplanet, which was the previous largest corporate holder of Bitcoin in Asia. Metaplanet, a Japanese investment firm, currently possesses 1,018 Bitcoins valued at over $67 million, while Boyaa’s Bitcoin holdings are valued at more than $312 million.
In November 2023, Boyaa commenced its cryptocurrency treasury strategy, expressing intentions to invest up to $100 million in BTC, ETH, and other digital assets. Meanwhile, Metaplanet has established itself as a proactive buyer of Bitcoin, earning the nickname “Asia’s MicroStrategy.”
On November 29, Metaplanet also revealed its plans to raise $62 million to enhance its Bitcoin purchases.
In recent times, various companies have sought to replicate MicroStrategy’s Bitcoin strategy, including Thumzup and Rumble, as this trend gains traction with Bitcoin approaching the $100,000 threshold.
