Boyaa Interactive, a prominent gaming enterprise from China, has emerged as the foremost corporate Bitcoin holder in Asia, surpassing Japan’s Metaplanet.
This development follows Boyaa Interactive’s recent decision to convert $49.48 million in Ethereum (ETH) into Bitcoin (BTC), which the company unveiled on November 29. The conversion of Boyaa’s ETH to BTC took place between November 19, 2024, and November 28, 2024, where 14,200 ETH was exchanged for roughly 515 BTC, according to the company’s report.
As stated in a regulatory filing, this conversion of $49.48 million worth of Ethereum to Bitcoin was executed in the open market.
Boyaa Interactive acquired the Ethereum for $39.45 million, with an average price of $2,777 per coin. The sale of the 14,200 ETH boosts the company’s Bitcoin holdings to approximately 3,183 BTC, with an average purchasing cost of $57,754 per Bitcoin.
With this acquisition, Boyaa Interactive has overtaken Metaplanet, which was the leading corporate Bitcoin holder in Asia. Metaplanet’s Bitcoin reserves were at 1,018 BTC, valued at over $67 million. In contrast, Boyaa’s total Bitcoin holdings are now worth over $312 million based on current prices.
Boyaa initiated its cryptocurrency investment strategy in November 2023, revealing intentions to invest up to $100 million in Bitcoin, Ethereum, and other cryptocurrencies. At the same time, Metaplanet has positioned itself as one of the most aggressive buyers of Bitcoin and has been referred to as “Asia’s MicroStrategy.”
On November 29, Metaplanet declared its plans to raise $62 million for further Bitcoin purchases.
In recent months, numerous companies have sought to emulate MicroStrategy’s investment approach by formulating their own Bitcoin strategies, including Thumzup and Rumble. This trend appears to be gaining momentum as Bitcoin’s price approaches the $100,000 mark.
