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In summary
- Boyaa Interactive exchanged 14,200 Ethereum for approximately 515 Bitcoin, investing almost $50 million.
- The company now holds 3,183 BTC, which is worth $310 million.
- This purchase is part of its broader investment plan, which includes up to $100 million in digital assets.
Gaming company Boyaa Interactive announced Friday that it has exchanged its Ethereum tokens for nearly $50 million worth of Bitcoin, as the world’s oldest Cryptocurrency remains just shy of the potential $100,000 price milestone.
The Hong Kong-based gaming giant acquired approximately $49.5 million worth of Bitcoin this month, converting 14,200 Ethereum (ETH) into approximately 515 Bitcoin between November 19 and 28, the company said in a statement Friday. .
The firm now holds 3,183 BTC, valued at $310 million at the time of writing. That’s nearly three times Japanese investment firm Metaplanet’s value of roughly $111 million in Bitcoin.
Bitcoin is trading at approximately $97,300 at the time of writing, CoinGecko data shows.
Boyaa acquired its Ethereum tokens for $39.45 million, at an average price of $2,777 per token, according to the company statement.
This latest purchase is part of Boyaa’s broader plan to invest in digital assets. Last year, Boyaa pledged in a statement to invest up to $100 million in cryptocurrencies, including Bitcoin, Ethereum and stablecoins.
However, it is not the only company that is increasing its coffers with Bitcoin. Metaplanet—often called Japan’s MicroStrategy—has accumulated around $53 million worth of Bitcoin since revealing its plan to purchase the token in April. On Thursday, the firm announced that it would raise $62 million for additional investments in Bitcoin.
Meanwhile, MicroStrategy—the American software firm credited with designing Bitcoin’s treasury reserve model—announced on Monday that it purchased an additional 55,500 BTC valued at $5.4 billion, bringing its holdings to 386,700 Bitcoin. That’s more than $37 billion.
Other large public companies such as Marathon Digital Holdings have recently joined the Bitcoin giant, increasing their holdings of the cryptocurrency in recent months.
Edited by Andrew Hayward
GG Newsletter
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