Hong Kong-based Gaming Company Exchanges Its Ethereum for Bitcoin

Hong Kong-based gaming company Boyaa Interactive has announced an unexpected crypto swap, shuffling some of its Ethereum for Bitcoin.

Ethereum’s selling pressure continues despite a recent price awakening. For context, the altcoin king surged to a five-month high above $3,600 on Wednesday amid growing bullish momentum.

Despite Ethereum’s growing price, a notable Chinese firm has dumped the asset for its biggest rival, Bitcoin. Boyaa Interactive announced it swapped a huge amount of its Ethereum stash for the pioneering cryptocurrency.

Boyaa Prefers Bitcoin Over Ethereum

Per a press release on Friday, the gaming firm disclosed that it sold 14,200 ETH for $49.48 million between November 19 and 28. Then, the firm used the realized funds to acquire approximately 515 bitcoins in the open market.

Notably, Boyaa revealed that it acquired the 14,200 ETH for $39.45 million, buying at an average price of $2,777 per coin. This means that the tech firm sold its Ether stash at a profit of over $10 million.

Meanwhile, Boyaa already holds a substantial amount of Bitcoin, stacking 2,667 BTC from earlier sales. With the latest purchase, the publicly traded firm takes its holdings to 3,183 bitcoins, acquired at an average cost of $57,724.

It bears mentioning that Boyaa’s last notable crypto purchase was a $100 million investment in the sector late last year. In November 2023, the gaming company announced it would buy $45 million worth of Bitcoin and Ethereum each and $10 million in stablecoins USDT and USDC.

Asian Firms Increasingly Turning to Bitcoin

Meanwhile, the purchase follows a surging adoption of Bitcoin among Asian public firms. Regular names like Bayoo and Metaplanet have continued to up their acquisition of the pioneering crypto asset, with new firms entering the mix.

For instance,  Japanese firm Remixpoint recently announced it would buy $3.2 million worth of Bitcoin. Per the disclosure, the consulting firm would buy into the crypto asset to help hedge against the yen devaluation.

Interestingly, Bitcoin adoption has become a global stance. Public companies and states around the world are beginning to invest portions of their reserves in the leading cryptocurrency amidst discussions of US adoption at a national level.