Boyaa Interactive Becomes Asia’s Largest Corporate Bitcoin Holder

Boyaa Interactive, a prominent Chinese gaming company, has officially surpassed Japan’s Metaplanet to become Asia’s largest corporate Bitcoin holder. The shift in leadership comes after Boyaa Interactive announced that it had converted $49.48 million worth of Ethereum (ETH) into Bitcoin (BTC). This strategic move was disclosed on November 29, 2024, and reflects the company’s growing commitment to cryptocurrency.

Details of the ETH to BTC Conversion

Between November 19, 2024, and November 28, 2024, Boyaa converted 14,200 ETH—worth approximately $49.48 million—into 515 BTC. The conversion took place on the open market. This move significantly boosted Boyaa’s total Bitcoin holdings to approximately 3,183 BTC, now valued at over $312 million at current market prices.

The company had initially acquired the 14,200 ETH for $39.45 million at an average price of $2,777 per ETH. With this purchase price, the average cost per Bitcoin acquired in the conversion comes to about $57,754.

Boyaa Surpasses Metaplanet

Before Boyaa’s move, Metaplanet, a Japanese investment firm, held the record for the largest corporate Bitcoin holdings in Asia, with 1,018 BTC valued at more than $67 million. However, with Boyaa’s holdings now surpassing 3,183 BTC, the company has firmly established itself as the leading Bitcoin holder in the region.

Boyaa’s Crypto Treasury Strategy

This is not Boyaa’s first foray into cryptocurrency. The company began implementing its crypto treasury strategy in November 2023, revealing plans to allocate up to $100 million into various cryptocurrencies, including Bitcoin and Ethereum. The move follows a broader trend of corporate adoption of cryptocurrency as part of corporate treasury management, influenced by firms like MicroStrategy, which has been one of the most notable corporate Bitcoin advocates.

The Growing Trend of Bitcoin Adoption

Boyaa’s strategic shift is in line with the growing trend among corporations to follow MicroStrategy’s playbook. Other companies, including Thumzup and Rumble, have also adopted Bitcoin strategies as the asset’s price continues to rise and approaches the $100,000 threshold. This trend reflects an increasing acceptance of Bitcoin as a store of value and hedge against inflation.

Metaplanet’s Response and Bitcoin Strategy

Despite being surpassed by Boyaa, Metaplanet remains an aggressive buyer of Bitcoin. On the same day Boyaa made its announcement, Metaplanet disclosed plans to raise $62 million to acquire even more Bitcoin. With this ongoing commitment, Metaplanet has earned the nickname “Asia’s MicroStrategy” due to its bold and strategic Bitcoin acquisitions.

With Boyaa Interactive now leading Asia’s corporate Bitcoin holdings, the company’s move to convert Ethereum into Bitcoin further solidifies its position in the cryptocurrency space. As corporate adoption of Bitcoin continues to rise, it will be interesting to see if other companies in Asia and beyond follow suit, increasing their exposure to Bitcoin and other digital assets as part of their treasury management strategies.