The cryptocurrency market has once again proven its ability to reshape corporate financial strategies and stock performance. As Bitcoin approached the historic $100,000 milestone, one prominent tech firm chose to cash out entirely—while another doubled down, reaping massive unrealized gains and a soaring stock price.
Meitu Company (01357.HK) made headlines in early December 2024 by announcing the full liquidation of its cryptocurrency portfolio. This strategic move locked in nearly $80 million in profits and signaled a renewed focus on its core business: premium imaging and design software powered by subscription models.
Meanwhile, Boyaa Interactive (0434.HK), a gaming company with a bold crypto investment strategy, saw its stock surge over 20% in a single day—and more than 138% since mid-November—driven by market excitement over its growing Bitcoin holdings and substantial unrealized gains.
This article explores both companies' contrasting approaches, their financial outcomes, and what these moves reveal about the evolving relationship between public companies and digital assets.
Meitu Fully Exits Crypto with $79.6M Profit
On December 4, 2024, Meitu officially announced the completion of its crypto asset sales. The company had begun selling its holdings in November and successfully offloaded:
- Approximately 31,000 Ether (ETH)
- Around 940 Bitcoin (BTC)
The total proceeds amounted to roughly $100 million from ETH** and **$80 million from BTC, resulting in a net profit of $79.63 million (approximately RMB 571 million).
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These investments were originally made back in March and April 2021, when Meitu purchased:
- 31,000 ETH for $50.5 million** (average cost: **$1,629 per ETH)
- 940 BTC for $49.5 million** (average cost: **$52,660 per BTC)
With Ethereum trading well above $3,000 and Bitcoin nearing $100,000 at the time of sale, the appreciation was significant. The decision to exit now reflects a disciplined capital allocation strategy—locking in gains before potential volatility.
Strategic Reinvestment in Core Business
Rather than reinvesting in more digital assets, Meitu plans to use 80% of the after-tax profit from the sale to pay a special dividend to shareholders—a direct way to return value.
The remaining portion will support the expansion of its subscription-based imaging and design products, including tools like MeituPic and Wink, which have seen growing adoption among global users seeking AI-enhanced photo editing solutions.
This pivot underscores a broader trend: companies using crypto gains not to speculate further, but to strengthen their primary operations and long-term sustainability.
Boyaa Interactive Doubles Down on Bitcoin
While Meitu exited the market, Boyaa Interactive took the opposite approach—aggressively accumulating Bitcoin and converting other cryptocurrencies into BTC.
As of November 12, 2024, Boyaa disclosed holding:
- 2,641 BTC at an average cost of $54,027 per coin
- 15,445 ETH at an average cost of $2,756 per coin
Then, between November 19 and November 28, the company executed a major swap: it sold 14,200 ETH, originally purchased for about $39.45 million**, and used the proceeds to acquire approximately **515 BTC** in public markets. The total market value of this transaction was around **$49.48 million, excluding fees.
After this conversion, Boyaa’s total Bitcoin holdings rose to about 3,183 BTC, with an updated average cost basis of $57,724 per BTC.
At current prices near $102,000 per Bitcoin, the company's unrealized profit stands at roughly **$1.4 billion USD (RMB 10.2 billion)**—an extraordinary return on investment that has captivated investors.
Market Reacts Strongly to Crypto Holdings Disclosure
Boyaa’s transparency around its crypto strategy triggered a powerful market response:
- Stock price jumped from under HK$3 to a high of HK$6.43
- Gained over 138% since November 13
- Closed up 22.49% at HK$6.10 following the latest announcement
Investors appear to view Boyaa not just as a gaming company but as a proxy for Bitcoin exposure—especially given its clear intent to hold BTC long-term.
However, this also introduces higher volatility compared to traditional tech firms. The stock’s performance is now closely tied to Bitcoin’s price movements.
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Why These Moves Matter: Corporate Crypto Strategies in 2025
The divergent paths of Meitu and Boyaa highlight two viable corporate strategies in the digital asset era:
- Cash-Out & Reinvest: Locking in profits during bull markets to strengthen core operations or reward shareholders.
- HODL & Signal Conviction: Using balance sheets to accumulate Bitcoin as a long-term store of value and strategic asset.
Both approaches reflect growing maturity in how public companies engage with crypto—not as speculative fads, but as part of broader treasury management and capital strategy.
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Frequently Asked Questions (FAQ)
Q: How much profit did Meitu make from selling its crypto?
A: Meitu earned approximately $79.63 million (about RMB 571 million) in profit from selling all its Bitcoin and Ethereum holdings in late 2024.
Q: Why did Meitu decide to sell its entire crypto portfolio?
A: The company chose to lock in gains after significant appreciation since its 2021 purchases. Proceeds are being used for a special dividend and to expand its subscription-based imaging products.
Q: How many Bitcoins does Boyaa Interactive currently hold?
A: After recent transactions, Boyaa holds approximately 3,183 BTC, with an average cost of $57,724 per coin.
Q: Has Boyaa Interactive sold any of its crypto yet?
A: No sales have been reported. Instead, Boyaa converted most of its Ethereum into Bitcoin through open-market trades.
Q: What impact did crypto holdings have on Boyaa’s stock price?
A: Since disclosing its holdings in November 2024, Boyaa’s stock surged over 138%, rising from under HK$3 to over HK$6—a clear sign of investor enthusiasm for corporate Bitcoin adoption.
Q: Are more companies expected to follow similar crypto strategies?
A: Yes. With increasing institutional acceptance and clearer regulatory frameworks emerging globally, more public companies may consider allocating capital to digital assets as part of treasury diversification or strategic investment.
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Final Thoughts: A New Era of Corporate Finance
The actions of Meitu and Boyaa Interactive represent more than isolated investment decisions—they reflect a shift in how modern corporations view digital assets. Whether cashing out at peak valuations or doubling down on long-term conviction, these moves demonstrate that crypto is no longer fringe; it’s part of mainstream financial strategy.
For investors, employees, and consumers alike, corporate transparency around crypto holdings will become increasingly important. And as blockchain technology continues to mature, we can expect more innovative uses of digital assets across industries—from treasury reserves to tokenized equity and beyond.
In this new financial landscape, agility, clarity, and strategic foresight will define success. Companies that use crypto not for hype but for sustainable growth will lead the next wave of innovation.