The leading Chinese game company turned

Boyaa Interactive, a leading Chinese gaming company on the Hong Kong Stock Exchange, has reallocated a significant portion of its crypto assets from Ethereum to Bitcoin.

According to a November 29 filing, the company reported that it converted 14,200 ETH to approximately 515 BTC in an open market deal worth more than $49 million. Ethereum had been acquired at an average cost of $2,777 per ETH, for a total of $39.45 million.

After the transaction, Boyaa now has 3,183 BTC, with an average purchase price of $57,724 per coin.

The company stressed that the move is in line with its strategy to expand its Bitcoin reserves, taking into account the market outlook for both Ethereum and Bitcoin. According to the board, converting existing Ether holdings is a timely decision.

In March, Boyaa announced the approval of a $100 million initiative to allocate $45 million of corporate funds to Bitcoin, $45 million to Ethereum, and $10 million to stablecoins such as USDT Circle’s Tether and USDC.

The Hong Kong-listed company disclosed a $1 million investment in the UTXO Bitcoin Management Ecosystem Fund in July. UTXO, interestingly enough, is the asset management partner of BTC Inc., a key player in the Bitcoin ecosystem that owns Bitcoin Magazine and hosts the Bitcoin Conference.

The latest development as Bitcoin gains traction in corporate investment portfolios, with Rumble, the well-known online streaming platform, revealing its decision to diversify its cash reserves by investing in Bitcoin.

The company’s Board of Directors has authorized an allocation of up to $20 million in BTC, which allows for flexible purchasing. Similarly, Jiva Technologies, a plant-based wellness and e-commerce company, has also committed to Bitcoin, securing approval for a strategy involving investments of up to $1 million.

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