Boyaa Interactive swaps $49M Ether for 515 Bitcoin

Bitget App

Trade smarter

Bitget

News

Grafa2024/12/02 10:10

By:Liezl Gambe

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!

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA•2025/09/12 06:14

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA•2025/09/12 06:14