Boyaa Interactive, a Hong Kong-listed gaming company, has adjusted its digital asset holdings by converting 14,200 Ethereum (ETH) into approximately 515 Bitcoin (BTC).
The transaction, valued at $49.48 million, increases Boyaa's Bitcoin holdings to 3,183 Bitcoin. The Ethereum holdings were originally acquired for $39.45 million, at an average price of $2,777 per ETH.
This move aligns with Boyaa’s broader plan, announced in 2023, to invest up to $100 million in digital assets, including Bitcoin, Ethereum, and stablecoins.
The reallocation marks a shift in emphasis toward Bitcoin within the company’s portfolio.
Boyaa’s decision reflects a trend among institutional investors favoring Bitcoin as part of their financial strategies.
Other corporate players, such as MARA Holdings and MicroStrategy, have recently increased their Bitcoin holdings, highlighting the growing role of Bitcoin in institutional portfolios.
The reallocation coincides with Hong Kong's efforts to establish itself as a hub for Bitcoin and cryptocurrency innovation. These developments may further encourage institutional participation in digital asset markets.
Boyaa’s strategy reflects the evolving approach of corporate investors in managing digital asset portfolios, with Bitcoin playing an increasingly significant role in these allocations.