Leading Chinese Gaming Firm Converts

Leading Chinese Gaming Firm Converts



Boyaa Interactive, a leading Chinese gaming firm on the Hong Kong Stock Exchange, has reallocated a significant portion of its crypto assets from Ethereum to Bitcoin.

As per a November 29 filing, the company reported converting 14,200 ETH into approximately 515 BTC in an open-market deal worth more than $49 million. The Ethereum had been acquired at an average cost of $2,777 per ETH, totaling $39.45 million.

Following the transaction, Boyaa now holds 3,183 BTC, with an average purchase price of $57,724 per coin.

The company emphasized that the move is in line with its strategy to expand its Bitcoin reserves, considering the market outlook for both Ethereum and Bitcoin. According to the board, converting existing Ether holdings into  is a timely decision.

bybit

In March, Boyaa announced the approval of a $100 million initiative to allocate $45 million of corporate funds to Bitcoin, $45 million to Ethereum, and $10 million to stablecoins such as Tether’s USDT and Circle’s USDC.

The Hong Kong Stock Exchange-listed firm disclosed a $1 million investment in the UTXO Management Bitcoin Ecosystem Fund in July. UTXO, interestingly, is the asset management partner of BTC Inc., a key player in the Bitcoin ecosystem that owns Bitcoin Magazine and hosts the Bitcoin Conference.

The latest development as Bitcoin gains traction in corporate investment portfolios, with Rumble, the renowned online streaming platform, revealing its decision to diversify its cash reserves by investing in Bitcoin.

The company’s Board of Directors has authorized an allocation of up to $20 million in BTC, allowing for flexible purchasing. Similarly, Jiva Technologies, a wellness and plant-based e-commerce company, has also committed to Bitcoin, securing approval for a strategy involving investments of up to $1 million.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Pin It on Pinterest

XLM Stellar
Ledger
XLM Stellar
Leading Chinese Gaming Firm Converts
bybit
BTCC
BNB Hits New High, Meme Stocks Soar, ETH ETFs See Inflows: Binance Report
Bitcoin
Bitcoiners Debate Over Whether OG's Faith Is 'Shaken'
Bitcoin Must Stay Above $98K to Avoid Bearish Breakdown, Experts Say
Berachain (BERA) 30% Drop Triggers Short-Seller Frenzy: More Losses Ahead?
Bitcoin
bitcoin
ethereum
bnb
xrp
cardano
solana
dogecoin
polkadot
shiba-inu
dai
Paxful
Uptick in XRP Whale Accumulation Could Catalyze Price Rally to $4
Moca Foundation to Launch Blockchain Focused on Digital Identity
The U.S. White House Releases AI Playbook: A Bold Strategy to Lead the Global AI Race
BNB Hits New High, Meme Stocks Soar, ETH ETFs See Inflows: Binance Report
The Solana Frontier: How Chat Is Forging a New Path for Token Launches
Uptick in XRP Whale Accumulation Could Catalyze Price Rally to $4
Moca Foundation to Launch Blockchain Focused on Digital Identity
The U.S. White House Releases AI Playbook: A Bold Strategy to Lead the Global AI Race
BNB Hits New High, Meme Stocks Soar, ETH ETFs See Inflows: Binance Report
bitcoin
ethereum
xrp
tether
bnb
solana
usd-coin
dogecoin
staked-ether
tron
bitcoin
ethereum
xrp
tether
bnb
solana
usd-coin
dogecoin
staked-ether
tron