Boyaa Interactive, a prominent gaming company based in China, has established itself as the largest corporate Bitcoin holder in Asia, overtaking Japan’s Metaplanet.
This achievement follows the announcement made by Boyaa Interactive on November 29, where they disclosed their decision to convert $49.48 million worth of Ethereum (ETH) into Bitcoin (BTC). Between November 19, 2024, and November 28, 2024, the firm traded 14,200 ETH for around 515 BTC.
A regulatory report confirmed that the $49.48 million in Ether was exchanged via the open market.
Initially, Boyaa Interactive acquired this ETH for $39.45 million at an average price of $2,777 per coin. After disposing of these 14,200 ETH, the company’s holdings in Bitcoin increased to an estimated 3,183 BTC, purchased at an average price of $57,754 each.
This strategic decision places Boyaa Interactive ahead of Metaplanet, the former largest corporate Bitcoin holder in Asia. Metaplanet, a Japanese investment firm, currently holds 1,018 Bitcoins, valued at over $67 million. In contrast, Boyaa’s Bitcoin assets are now valued at over $312 million.
In November 2023, Boyaa launched its cryptocurrency treasury strategy, intending to invest up to $100 million in BTC, ETH, and other digital currencies. Meanwhile, Metaplanet has taken on an active role in Bitcoin purchasing, earning the label of “Asia’s MicroStrategy.”
On November 29, Metaplanet also revealed plans to raise an additional $62 million to bolster its Bitcoin acquisitions.
Recently, many companies have aimed to replicate MicroStrategy’s Bitcoin approach, including Thumzup and Rumble, as the trend accelerates with Bitcoin nearing the $100,000 mark.
