Boyaa converts Ethereum reserves to "more promising" Bitcoin
The company is actively adding bitcoin reserves
Hong Kong-listed company Boyaa Interactive International Limited has conducted a series of transactions, converting 14,200 ETH into 515 BTC. This strategic move aims to bolster the company's Bitcoin reserves.
According to a press release, the assets involved are valued at approximately $50 million. The conversion took place in the open market. The original acquisition cost of the ETH was around $39.4 million, with an average purchase price of $2,777 per ETH.
After completing all transactions, Boyaa now holds a total of approximately 3,183 BTC, with an average acquisition cost of $57,724 per Bitcoin.
About Boyaa
Boyaa specializes in investment activities, with its primary focus on developing online card and board games. The company is also actively working to expand into Web3 gaming and aims to establish itself as a leader among publicly listed Web3 companies.
Acquiring and accumulating BTC is a key part of Boyaa's strategy. Given the outlook for both BTC and ETH and the company's strategic plan, Boyaa has determined that now is the optimal time to expand its Bitcoin reserves rather than continue accumulating ETH.
Meanwhile, growing institutional and corporate interest is further enhancing Bitcoin's prospects amid bullish market sentiment.
