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The Coin Rise 2024-11-30 10:24:34

Boyaa Interactive Converts $50M in Ethereum to Bitcoin as BTC’s $100K Level Nears

Boyaa Interactive, a prominent Hong Kong-based gaming firm, has shifted its cryptocurrency strategy, trading nearly $50 million worth of Ethereum for Bitcoin. The move comes as Bitcoin inches closer to the landmark $100,000 price point. Between November 19 and 28, the company exchanged 14,200 Ethereum for 515 Bitcoin, boosting its total Bitcoin holdings to 3,183 BTC, valued at approximately $310 million. Boyaa Interactive Moves to Bitcoin In its latest statement, Boyaa Interactive revealed that the Ethereum tokens were originally acquired for $39.45 million, at an average price of $2,777 per ETH. With Bitcoin now trading at around $97,300, the strategic swap has amplified the value of the firm’s digital asset portfolio. This transaction is part of Boyaa’s broader cryptocurrency investment strategy. Last year, the gaming giant pledged to invest up to $100 million in various digital assets, including Bitcoin, Ethereum, and stablecoins. The company’s commitment underscores a growing trend among corporations diversifying their treasuries with digital currencies. Bitcoin Draws Corporate Giants Boyaa Interactive isn’t alone in leveraging Bitcoin’s dominance. Japanese investment firm Metaplanet, often referred to as Japan’s MicroStrategy, has also been accumulating Bitcoin aggressively. Since announcing its Bitcoin purchase strategy in April, Metaplanet has amassed $53 million worth of the cryptocurrency. The firm recently unveiled plans to raise an additional $62 million to further expand its Bitcoin reserves. Meanwhile, U.S.-based MicroStrategy, the pioneer of the Bitcoin treasury model, has set the standard for corporate cryptocurrency investment. Earlier this week, MicroStrategy announced a massive purchase of 55,500 Bitcoin worth $5.4 billion, bringing its total holdings to an industry-leading 386,700 BTC. This stash now exceeds $37 billion in value, cementing the firm’s role as the largest corporate Bitcoin holder. The momentum around Bitcoin adoption by corporations continues to grow. Other public companies, such as Marathon Digital Holdings, have also recently added to their Bitcoin reserves, further signaling confidence in the asset’s long-term potential. With Bitcoin nearing the $100,000 milestone, Boyaa Interactive seems poised to benefit significantly from the cryptocurrency’s meteoric rise. The post Boyaa Interactive Converts $50M in Ethereum to Bitcoin as BTC’s $100K Level Nears appeared first on TheCoinrise.com .