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Hong Kong public company sells ETH and buys 515 Bitcoin
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THE Boyaa Interactive International Ltd. became news once again. The Hong Kong-listed game developer exchanged 14,200 Ethereum (ETH) for 515 Bitcoins (BTC). The company has a total of 3,183 BTC in its portfolio, with an average acquisition cost of US$57,700 per unit.
According to Jieman, a Chinese news platform, the operation took place between November 19th and 28th. THE total value was estimated at US$49,000,000.00. Last Monday, the company had already made news in China, after its shares rose 24%, reaching the highest market value since October 2016.
Published in the early hours of the day on Bitcoin Magazine’s X profile, Boyaa Interactive’s decision goes against what the market has been saying. Several analysts have recommended buying ETH over BTC.
According to them, the altcoin is on the rise, while the most valuable cryptocurrency on the market shows signs of not rising anytime soon.
Bold or wise move?
However, the comments in the publication demonstrate that these analyzes do not represent the general mood of investors and market enthusiasts.
In addition to having put the flea behind the ears of other users.
Although intriguing, this movement is no different than the Shenzhen-based company has done in recent months. According to the company’s annual report, on December 22, 2023, shareholders sent an acquisition mandate to buy cryptocurrencies. The indicated value was US$100,000.00.
The company planned to use approximately US$45,000,000.00 to acquire Bitcoin (BTC) and the same amount for Ether (ETH). It also allocated US$10,000,000.00 to purchase Tether USD (USDT) and USD Coin (USDC).
Still according to the company report, on April 19, 2024, the Boyaa Received Another Mandate to Continue Cryptocurrency Acquisitions at US$100,000,000.00, focusing on BTC and ETH.
As of June 30, 2024, Boyaa held 2,079 units of BTCwith an average cost of US$51,299 per unit. Thus, the company, which had an adjusted value of US$78,600,000 at the end of 2023, reached the mark of US$230,000,000.00.
Hong Kong public company sells ETH and buys 515 Bitcoin
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Hong Kong public company sells ETH and buys 515 Bitcoin
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Hong Kong public company sells ETH and buys 515 Bitcoin
