Gaming firm Boyaa Interactive announced Friday that it has swapped its Ethereum tokens for nearly $50 million in Bitcoin, as the world’s oldest cryptocurrency hovers just below a potential $100,000 price milestone.
The Hong Kong-based gaming giant acquired approximately $49.5 million in Bitcoin this month, converting 14,200 Ethereum (ETH) for about 515 Bitcoin between November 19-28, the company said Friday in a statement.
The firm now holds 3,183 BTC, worth $310 million as of this writing. That’s nearly three times the value of Japanese investment firm Metaplanet’s approximately $111 million in Bitcoin.
Bitcoin is trading for about $97,300 as of this writing, CoinGecko data shows.
Boyaa acquired its Ethereum token holdings for $39.45 million, at an average price of $2,777 per token, according to the company’s statement.
This latest purchase forms part of Boyaa’s broader plan to invest into digital assets. Last year, Boyaa vowed in a statement to invest up
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Author: Liz Napolitano
