Hong Kong-based gaming firm Boyaa Interactive has traded its Ethereum (CRYPTO: ETH) holdings for nearly $50 million in Bitcoin (CRYPTO: BTC). This strategic move comes as Bitcoin is on the brink of reaching a significant $100,000 price milestone.

What Happened: As per a company statement released on Friday, Boyaa Interactive has converted its Ethereum holdings into Bitcoin. The gaming giant exchanged 14,200 Ethereum (ETH) for approximately 515 Bitcoin between November 19-28, thereby increasing their Bitcoin holdings to 3,183 BTC, valued at $310 million at the time of the announcement.

According to the statement, the value of Boyaa's Bitcoin stash is nearly triple that of Japanese investment firm Metaplanet's Bitcoin holdings, which are around $111 million. Boyaa had initially acquired its Ethereum tokens for $39.45 million, at an average price of $2,777 per token.

Also Read: Crypto Analyst: Bitcoin Poised To Skyrocket To $180K and 'Eventually' Top $1M

This considerable Bitcoin acquisition is in line with Boyaa's wider strategy to invest in digital assets. In the previous year, the company had committed to investing up to $100 million in cryptocurrencies, including Bitcoin, Ethereum, and stablecoins.

Why It Matters: Boyaa Interactive is not the only company to bolster its Bitcoin reserves. Other major firms like Metaplanet and MicroStrategy Inc. (NASDAQ:MSTR) have also been increasing their Bitcoin holdings.

MicroStrategy recently announced the purchase of an additional 55,500 BTC, worth $5.4 billion, taking its total Bitcoin holdings to over $37 billion.

This trend indicates a growing interest and confidence in Bitcoin among major companies, despite the cryptocurrency's notorious volatility.

By diversifying their investments into digital assets, these firms are not only hedging against traditional market risks but also positioning themselves to benefit from potential future gains in the cryptocurrency market.

Read Next

Dogecoin Trading Volume Skyrockets 76%, Indicating Potential Major Price Upswing