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Spot says interest in cryptocurrencies continues to grow in Hong Kong, which is rapidly becoming a cryptocurrency center by accepting Bitcoin and Ethereum ETFs.
At this point, while institutional interest continues to grow, a giant company listed in Hong Kong called Boyaa Interactive is increasing its Bitcoin investments.
According to local news agency 10jqka, Boyaa Interactive, a game developer listed on Hong Kong's stock exchange, has swapped its Ethereum holdings for Bitcoin.
Accordingly, the company swapped 14,200 Ethereum (ETH) for 515 Bitcoin (BTC) (worth approximately $49.48 million) between November 19-28.
According to the data, the exchanged Ethereums were initially purchased at a cost of $39.45 million.
Boyaa Interactive, which increased its BTC assets with the ETH swap, increased its total Bitcoin assets to 3,183 BTC.
The company's average purchase price per Bitcoin is $57,700, while the company also announced plans to purchase $100 million worth of cryptocurrencies within 12 months, starting November 2024.
*This is not investment advice.