Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Boyaa Interactive swaps $49M Ether for 515 Bitcoin

Boyaa Interactive swaps $49M Ether for 515 Bitcoin

Grafa2024/12/02 10:10
By: Liezl Gambe
BTC-0.34%ETH-2.24%

Boyaa Interactive International, a Hong Kong-based gaming company, has swapped a substantial portion of its treasury assets, converting 14,200 Ether (CRYPTO:ETH) for 515 Bitcoin (CRYPTO:BTC) between Nov. 19 and Nov. 28.

The transaction, worth over $49 million, was approved by the company’s board as part of a strategy to increase its Bitcoin reserves.

Following the swap, Boyaa now holds a total of 3,183 Bitcoin, valued at around $310.7 million based on current market prices, according to CoinGecko data.

In a statement, the company emphasized that this decision aligns with its long-term strategy, viewing Bitcoin as a promising asset.

"Based on the considerations of the future prospects of BTC and ETH and the Company’s strategic plan, the Board is of the view that it is the relatively appropriate time for the Group to convert the ETH held by the Group to BTC to expand the BTC reserves," the board stated.

This move follows Boyaa’s third-quarter results, which revealed the company’s crypto treasury included 2,635 Bitcoin and 15,388 Ether prior to the swap.

Boyaa initiated its crypto treasury strategy in November 2023, with a $100 million initiative to diversify its holdings between Bitcoin, Ether, and stablecoins such as Tether (CRYPTO:USDT) and USD Coin (CRYPTO:USDC).

Over the past two weeks, Bitcoin’s price has risen by more than 6%, now exceeding $96,000, while Ether has seen a stronger 18.3% increase, reaching $3,669.

At the time of reporting, the Ethereum (ETH) price was $3,673.44, and the Bitcoin (BTC) price was $96,483.05.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

PoolX x Bitget Earn SWTCH promotion
Bitget Announcement2025/09/15 16:00
New spot margin trading pair — AVNT/USDT!
Bitget Announcement2025/09/15 09:50

Trending news

More
1
PoolX x Bitget Earn SWTCH promotion
2
New spot margin trading pair — AVNT/USDT!

Crypto prices

More
Bitcoin
Bitcoin
BTC
$114,839.3
-0.69%
Ethereum
Ethereum
ETH
$4,494.37
-2.84%
XRP
XRP
XRP
$3
-1.70%
Tether USDt
Tether USDt
USDT
$1
+0.03%
BNB
BNB
BNB
$918.84
-1.03%
Solana
Solana
SOL
$232.2
-6.27%
USDC
USDC
USDC
$1
+0.05%
Dogecoin
Dogecoin
DOGE
$0.2659
-4.98%
TRON
TRON
TRX
$0.3431
-1.52%
Cardano
Cardano
ADA
$0.8580
-4.17%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter