Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Selling ETH for BTC: Leading Chinese Gaming Firm Converts

Boyaa Interactive, a leading Chinese gaming firm on the Hong Kong Stock Exchange, has reallocated a significant portion of its crypto assets from Ethereum to Bitcoin. As per a November 29 filing, the company reported converting 14,200 ETH into approximately 515 BTC in an open-market deal worth more than $49 million. The Ethereum had been acquired at an average cost of $2,777 per ETH, totaling $39.45 million. Following the transaction, Boyaa now holds 3,183 BTC, with an average purchase price of $57,724 per coin. The company emphasized that the move is in line with its strategy to expand its Bitcoin reserves, considering the market outlook for both Ethereum and Bitcoin. According to the board, converting existing Ether holdings into is a timely decision. In March, Boyaa announced the approval of a $100 million initiative to allocate $45 million of corporate funds to Bitcoin, $45 million to Ethereum, and $10 million to stablecoins such as Tether’s USDT and Circle’s USDC. The Hong Kong Stock Exchange-listed firm disclosed a $1 million investment in the UTXO Management Bitcoin Ecosystem Fund in July. UTXO, interestingly, is the asset management partner of BTC Inc., a key player in the Bitcoin ecosystem that owns Bitcoin Magazine and hosts the Bitcoin Conference. The latest development as Bitcoin gains traction in corporate investment portfolios, with Rumble, the renowned online streaming platform, revealing its decision to diversify its cash reserves by investing in Bitcoin. The company’s Board of Directors has authorized an allocation of up to $20 million in BTC, allowing for flexible purchasing. Similarly, Jiva Technologies, a wellness and plant-based e-commerce company, has also committed to Bitcoin, securing approval for a strategy involving investments of up to $1 million. The post Selling ETH for BTC: Leading Chinese Gaming Firm Converts appeared first on CryptoPotato . CoinOtag

---

20% XRP Surge Hints At $2, Bitcoin (BTC) Does Something We Didn`t Want, Crucial Pepe (PEPE) Move Incoming, Here`s When

Market not seeing elevated inflows, but things might still get better CoinOtag