Boyaa Interactive becomes Asia’s largest corporate Bitcoin holder

Chinese gaming giant Boyaa Interactive has surpassed Japan’s Metaplanet to become the largest institutional holder of Bitcoin in Asia.

This follows Hong Kong-listed Boyaa Interactive’s move to convert $49.48 million worth of Ethereum (ETH) into Bitcoin (BTC) announced on November 29. Boyaa’s conversion from ETH to BTC took place between November 19, 2024 and November 28. The company said that 14,200 ETH will be converted into approximately 515 BTC in 2024.

According to a filing, the conversion of $49.48 million worth of Ether into Bitcoin took place on the open market.

Boyaa Interactive acquired ETH for $39.45 million at an average price of $2,777 per coin. This sale of 14,200 ETH shows that the company’s BTC holdings increased to approximately 3,183 BTC, making the average purchase price per Bitcoin $57,754.

With this move, Boyaa Interactive surpassed Metaplanet, the previous largest institutional owner of Bitcoin in Asia. Japanese investment company Metaplanet’s total BTC holdings stand at 1,018 Bitcoins, worth over $67 million. In comparison, Boyaa’s total BTC holdings at current prices are over $312 million.

Boyaa launched its crypto treasury strategy in November 2023, announcing plans to allocate up to $100 million into BTC, ETH, and other cryptocurrencies. Metaplanet, meanwhile, has emerged as one of the most aggressive buyers of the flagship cryptocurrency; it has been called the “MicroStrategy of Asia”.

On November 29, Metaplanet announced that it plans to raise $62 million to purchase more Bitcoin.

Over the past few months, many companies have attempted to follow MicroStrategy’s playbook by adopting a Bitcoin strategy. These include Thumzup and Rumble, and the trend appears to be accelerating as Bitcoin’s price flirts with the $100,000 level.