Boyaa Interactive, a Hong Kong-based firm that has drawn comparisons to MicroStrategy, has made a notable move in the market. The company has converted 14,200 ETH into approximately 515 BTC, with a total market value of around $49.48 million.
Although the company did not officially disclose the reason behind its decision to swap its ETH holdings for BTC, Boyaa Interactive’s move may also be seen as a response to the growing competition in the crypto market.
Bitcoin’s price has surged significantly in recent weeks, mostly driven by pro-bitcoin Donald Trump’s win in the US presidential election and increased institutional investment. Ethereum, on the other hand, has been experiencing a more muted price movement.
As more institutional investors enter the market, companies like Boyaa Interactive may feel pressure to diversify their portfolios and stay ahead of the competition.
Hong Kong’s MicroStrategy?
A recent tweet revealed that Boyaa Interactive holds about 3,183 bitcoins, bought at an average cost of about $57,724.
Boyaa Interactive, the “MicroStrategy of Hong Kong,” announced that it has used 14,200 ETH to exchange for about 515 BTC, with a total market value of about US$49.48 million. Boyaa Interactive Group holds a total of about 3,183 bitcoins, with an average cost of about US$57,724.…
— Wu Blockchain (@WuBlockchain) November 29, 2024
However, with MicroStrategy’s latest purchase of 55,500 BTC, the American business intelligence firm now holds about 386,700 BTC, which it acquired for $21.9 billion at an average price of $56,761 per Bitcoin.
The substantial difference between Boyaa Interactive’s and MicroStrategy’s total Bitcoin holdings indicates that Boyaa’s nickname as the ‘MicroStrategy of Hong Kong’ is not a direct result of similarities in their Bitcoin reserves but rather a reflection of other shared characteristics or strategies.
A likely reason for the ‘MicroStrategy of Hong Kong’ nickname is Boyaa Interactive’s similar enthusiasm for cryptocurrency investment. As evidenced by its recent years of active buying of Bitcoin and Ethereum, Boyaa Interactive mimics MicroStrategy’s frequent forays into the Bitcoin market.
A further reason for the comparison could be the Hong Kong company’s strategic decision to double down on Bitcoin, much like MicroStrategy, as seen in its recent transaction converting a substantial amount of its Ethereum investment to Bitcoin.
