Hong Kong-based board game maker Boya Interactive has increased its exposure to Bitcoin following the recent treasury reallocation, making it Asia’s largest corporate holder of the bellwether cryptocurrency.
According to recent disclosures, Boya Interactive has sold its Ethereum holdings and directed those funds towards acquiring more Bitcoin.
Specifically, the company sold 14,200 Ether for approximately $49 million to acquire 515 Bitcoins after initially acquiring ETH for $39.45 million.
The transactions were executed between November 19 and 28, bringing the firm’s total Bitcoin holdings to 3,183 BTC.
Before the recent conversion, the gaming company’s third-quarter financial report indicated that it had 15,388 ETH and 2,635 Bitcoin in its treasury.
The recent addition makes Boya the largest corporate holder of the premier asset in Asia, with its assets acquired at an average price of $2,777 per coin. Boya overtakes Japan’s MetaplanetWho previously held this title with reserves of 1018 bitcoins.
According to Boya, the decision to convert Ether into Bitcoin reflects his belief in the “potential” of Bitcoin and his strategic focus on expanding BTC reserves.
He stressed that the timing of the conversion was considered “relatively appropriate” and that the conversion was carried out in the open market under “fair and reasonable” terms, ensuring that it was consistent with the interests of the company and its shareholders.
Boya initially adopted plans to include crypto assets in its treasury in November 2023.
At the time, the firm offered a 12-month plan for depositing Bitcoin, Ethereum and stablecoin Tether, as well as USD Coin.
Increasing demand for Bitcoin
Bitcoin’s rise comes as the leading asset hit a new all-time high and was up more than 37% over the past month at the time of writing.
Bitcoin started its current run right after President-elect Donald Trump defeated current Vice President Kamala Harris in the 2024 election race.
Subsequently, the entire cryptocurrency market surged to new highs, led by BTC on expectations of a potentially supportive regulatory environment for cryptocurrencies in the United States and the creation of a strategic Bitcoin reserve.
With the rising value of Bitcoin and its growing recognition as a hedge against inflation, more companies have been inspired to add the cryptocurrency to their balance sheets.
Apart from Boya, several other companies in Asia and beyond have either added Bitcoin to their balance sheets or added more assets.
Remix Point, a Japanese firm operating in the automobile and energy manufacturing sectors Plans announced To add $3.2 million worth of BTC to its holdings after initially adopting a crypto-focused portfolio in September 2024.
As of November 20, the company held 64.4 BTC along with several other cryptocurrencies.
Worldwide, US-based companies such as Hoth Therapeutics and Anixa Biosciences have recently made similar investments, while in Canada, wellness-focused e-commerce firm Jeeva Technologies Will allocate $1 million for Bitcoin.
Meanwhile, MicroStrategy, led by Michael Saylor, remains the largest and initial corporate holder of Bitcoin with reserves of more than 386,700 BTC, currently valued at about $36.75 billion.
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