Boyaa Interactive, a prominent gaming company from China, has emerged as the leading corporate holder of Bitcoin in Asia, surpassing Japan’s Metaplanet.

This development follows the Hong Kong-listed Boyaa Interactive’s decision to convert $49.48 million worth of Ethereum (ETH) into Bitcoin (BTC), a move it announced on November 29. The conversion of Boyaa’s ETH to BTC took place between November 19, 2024, and November 28, 2024, with the conversion of 14,200 ETH resulting in approximately 515 BTC, according to the company.

As detailed in a filing, the conversion of $49.48 million worth of Ether to Bitcoin was performed in the open market.

Boyaa Interactive purchased the ETH for $39.45 million at an average rate of $2,777 per coin. The sale of 14,200 ETH has increased the company’s BTC holdings to approximately 3,183 BTC, with an average acquisition cost of $57,754 per Bitcoin.

As a result of this transaction, Boyaa Interactive has overtaken Metaplanet as the largest corporate Bitcoin holder in Asia. Metaplanet, a Japanese investment firm, had total BTC holdings amounting to 1,018 Bitcoins, valued at over $67 million. In contrast, Boyaa’s current total BTC holdings are valued at over $312 million.

Boyaa initiated its cryptocurrency treasury strategy in November 2023, announcing intentions to allocate up to $100 million into BTC, ETH, and other cryptocurrencies. Meanwhile, Metaplanet has become a noteworthy buyer of Bitcoin and is often referred to as “Asia’s MicroStrategy.”

On November 29, Metaplanet revealed plans to raise $62 million for further Bitcoin acquisitions.

In recent months, several companies have sought to emulate MicroStrategy’s approach by adopting Bitcoin strategies. Among these are Thumzup and Rumble, and this trend seems to be gaining momentum as Bitcoin’s price approaches the $100,000 mark.