Hong Kong Gaming Agency Boyaa Dumps Ethereum to Add $50 Million to Bitcoin Stash – Decrypt

Gaming agency Boyaa Interactive introduced Friday that it has swapped its Ethereum tokens for practically $50 million in Bitcoin, because the world's oldest cryptocurrency hovers slightly below a possible $100,000 value milestone.The Hong Kong-based gaming large acquired roughly $49.5 million in Bitcoin this month, changing 14,200 Ethereum (ETH) for about 515 Bitcoin between November 19-28, the corporate mentioned Friday in a press release. The agency now holds 3,183 BTC, value $310 million as of this writing. That is practically thrice the worth of Japanese funding agency Metaplanet’s roughly $111 million in Bitcoin.Bitcoin is buying and selling for about $97,300 as of this writing, CoinGecko information reveals. Boyaa acquired its Ethereum token holdings for $39.45 million, at a mean value of $2,777 per token, in response to the corporate's assertion.This newest buy types a part of Boyaa's broader plan to take a position into digital property. Final yr, Boyaa vowed in a press release to take a position as much as $100 million in cryptocurrencies, together with Bitcoin, Ethereum, and stablecoins.It is not the one firm topping up its coffers with Bitcoin, nonetheless. Metaplanet—usually referred to as Japan's MicroStrategy—has scooped up about $53 million in Bitcoin since unveiling its buy plan for the token final April. On Thursday, the agency introduced it will increase $62 million for extra Bitcoin investments. In the meantime, MicroStrategy—the U.S. software program agency credited with devising the Bitcoin treasury reserve mannequin—introduced on Monday that it purchased a further 55,500 BTC value $5.4 billion, bringing its holdings to 386,700 Bitcoin. That’s over $37 billion value.Different giant public corporations equivalent to Marathon Digital Holdings have not too long ago joined the Bitcoin large, including to their stockpiles of the cryptocurrency in current months.Edited by Andrew HaywardGG NewsletterGet the newest web3 gaming information, hear straight from gaming studios and influencers overlaying the area, and obtain power-ups from our companions.