Hong Kong Gaming Firm Boyaa Dumps Ethereum to Add $50 Million to Bitcoin Stash

Gaming agency Boyaa Interactive introduced Friday that it has swapped its Ethereum tokens for practically $50 million in Bitcoin, because the world’s oldest cryptocurrency hovers just under a possible $100,000 value milestone.

The Hong Kong-based gaming large acquired roughly $49.5 million in Bitcoin this month, changing 14,200 Ethereum (ETH) for about 515 Bitcoin between November 19-28, the corporate stated Friday in an announcement. 

The agency now holds 3,183 BTC, price $310 million as of this writing. That is practically thrice the worth of Japanese funding agency Metaplanet’s roughly $111 million in Bitcoin.

Bitcoin is buying and selling for about $97,300 as of this writing, CoinGecko information exhibits. 

Boyaa acquired its Ethereum token holdings for $39.45 million, at a mean value of $2,777 per token, in line with the corporate’s assertion.

This newest buy varieties a part of Boyaa’s broader plan to take a position into digital belongings. Final yr, Boyaa vowed in an announcement to take a position as much as $100 million in cryptocurrencies, together with Bitcoin, Ethereum, and stablecoins.

It isn’t the one firm topping up its coffers with Bitcoin, nonetheless. Metaplanet—usually referred to as Japan’s MicroStrategy—has scooped up about $53 million in Bitcoin since unveiling its buy plan for the token final April. On Thursday, the agency introduced it could increase $62 million for added Bitcoin investments. 

In the meantime, MicroStrategy—the U.S. software program agency credited with devising the Bitcoin treasury reserve mannequin—introduced on Monday that it purchased a further 55,500 BTC price $5.4 billion, bringing its holdings to 386,700 Bitcoin. That’s over $37 billion price.

Different massive public corporations equivalent to Marathon Digital Holdings have lately joined the Bitcoin large, including to their stockpiles of the cryptocurrency in current months.

Edited by Andrew Hayward