Boyaa Interactive is shaking up the crypto scene with a bold move that's got everyone talking! The gaming giant from China, listed on the Hong Kong Stock Exchange, has just pulled a switcheroo, trading in a hefty chunk of its Ethereum stash for the golden goose of cryptocurrencies—Bitcoin.
In a recent maneuver, Boyaa decided to convert a whopping 14,200 ETH into about 515 BTC, racking up a deal worth more than $49 million. They originally snagged that Ethereum at an average price of $2,777 per ETH, totaling around $39.45 million. Now, post-swap, Boyaa is sitting on a treasure trove of 3,183 BTC, with each coin averaging a purchase price of $57,724. That's a lot of digital gold!
So, what's behind this crypto shuffle? Boyaa's move aligns with their grand plan to bulk up their Bitcoin reserves, given the current market vibes around both Ethereum and Bitcoin. The company's board believes this switcheroo is a savvy strategic step, right on the money.
Earlier this year, Boyaa revealed a $100 million game plan, setting aside $45 million for Bitcoin, $45 million for Ethereum, and $10 million for stablecoins like Tether’s USDT and Circle’s USDC. They're clearly not afraid to play the field.
And Boyaa isn’t the only one catching Bitcoin fever. The online streaming phenom, Rumble, is also jumping on the Bitcoin bandwagon, announcing plans to spice up their cash reserves with a $20 million BTC investment. Not to be left out, Jiva Technologies, a wellness and plant-based e-commerce company, also got the thumbs up for a Bitcoin strategy, with investments of up to $1 million on the table.
It seems like Bitcoin is becoming the star player in corporate investment portfolios, and Boyaa is leading the charge with this crypto power play! Keep your eyes peeled, because the crypto world is buzzing with action!
