Boyaa Interactive Replaced Ether (ETH) From Its Treasury With Bitcoin (BTC)

Boyaa Interactive International, a Hong Kong-based online gaming company, replaced Ether from its treasury with Bitcoin. Between Nov. 19 and 28, the firm exchanged 14200 Ether (ETH), worth approximately $49 million, for 515 Bitcoin (BTC).

Hong Kong-based online gaming company Boyaa Interactive has shifted its focus from Ether to Bitcoin in its treasury strategy. The firm exchanged 14,200 ETH for 515 BTC over 10 days.

According to an HKEX filing on Monday, the firm adjusted its cryptocurrency holdings, exchanging Ether (ETH) for Bitcoin (BTC). Boyaa Interactive shifted a portion of its treasury holdings from ETH to BTC between Nov. 19 and 28. The company exchanged 14,200 ETH, valued at approximately $49 million at the time of the transaction, for 515 BTC. This increased Boyaa Interactive's Bitcoin holdings to 3,183 BTC, which is currently valued at about $310.7 million at current market price.

Boyaa Interactive stated that the decision to increase its Bitcoin holdings was based on the cryptocurrency's future prospects, which the company believes make it a more suitable asset for its treasury. The company's Ethereum holdings previously stood at 15,388 ETH before the exchange.

During the 14 days preceding the transaction, ETH experienced an 18.3% price increase, while Bitcoin rose 3.8% during the same period. Despite Ether's recent rally, Boyaa Interactive opted to expand its Bitcoin holdings, which aligns with the broader institutional preference for the cryptocurrency.

“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.”

Boyaa Interactive initiated its cryptocurrency treasury plan in November 2023, allocating $45 million each to Bitcoin and Ethereum and $10 million to stablecoins such as Tether (USDT). The company's total cryptocurrency holdings currently stand at around $365 million.

Other Firms Increasing Bitcoin Holdings

Several other companies have recently increased their Bitcoin reserves. Business intelligence firm MicroStrategy remains the largest corporate Bitcoin holder, having acquired 55,000 additional Bitcoin in November.

Semler Scientific, a healthcare solutions provider, acquired 297 BTC in November, bringing its total holdings to 1,570 BTC. Rumble, a video-sharing platform, announced plans to allocate up to $20 million of its cash reserves to Bitcoin, following a public poll in which 93.9% of respondents supported the move.

Moreover, on Nov.26, Jiva Technologies, a Canadian wellness and plant-based e-commerce company, also announced to invest up to $1 million in Bitcoin. Artificial intelligence firm Genius Group and Bitcoin mining company MARA Holdings have similarly increased their Bitcoin reserves.

What If Firms keep Dumping Ethereum For BTC?

With firma like Boyaa Interactive, MicroStrategy, and others increase their Bitcoin holdings, demand for BTC rises. This can lead to upward price pressure, especially given Bitcoin’s fixed supply of 21 million coins. If the trend of dumping Ethereum for Bitcoin accelerates, it could lead to selling pressure on ETH, potentially causing a temporary decline in its price. However, Ethereum's price remains heavily influenced by demand for decentralized finance (DeFi) and non-fungible tokens (NFTs).