Why a $230 Million Market Cap Company Owns Over 2,600 Bitcoin

In a striking move that underscores the growing institutional embrace of digital assets, Boya Interactive (HK00434), a Hong Kong-listed gaming company with a market capitalization of just around $230 million, now holds **2,641 Bitcoin (BTC)** and **15,400 Ethereum (ETH)** — collectively worth approximately **$226 million** at current prices.

This means the company’s crypto holdings now nearly match its entire market value — a bold asset allocation strategy that has drawn attention from investors, analysts, and crypto enthusiasts alike.

Boya Interactive’s Aggressive Crypto Investment Strategy

On November 12, Boya Interactive announced it had acquired 2,641 BTC at an average cost of $54,000 per Bitcoin**, totaling about **$143 million. Additionally, the company purchased 15,400 ETH at an average price of $2,756**, amounting to **$42.6 million in total investment.

Despite being primarily known for its online card and board game products since its 2004 founding, Boya Interactive has positioned itself at the forefront of corporate adoption of blockchain and digital assets.

The company stated:

“The purchase and holding of cryptocurrencies are key steps in our Web3 business development and strategic asset allocation.”

With Bitcoin briefly surging past $90,000** and Ethereum exceeding **$3,440 around the same time, Boya’s unrealized gains could exceed $100 million, significantly boosting its balance sheet on paper.

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Broader Trend: Hong Kong Firms Embrace Cryptocurrency

Boya Interactive is not alone. A growing number of Hong Kong-listed companies are allocating capital to cryptocurrencies as part of long-term financial planning and Web3 integration.

1. Inke Universe (HK03700)

In March, Inke Universe approved a $100 million budget to invest in cryptocurrencies over five years. The funds will be deployed on regulated and licensed exchanges, signaling confidence in compliant crypto markets.

2. Global China Innovation (HK00290)

Between March and August, this firm invested HK$36 million (excluding transaction fees) into Bitcoin, demonstrating a steady accumulation strategy even during volatile periods.

3. Lan Games Interactive (HK08267)

In its 2024 interim report, Lan Games disclosed holding 142.85 BTC and 848.39 ETH, with a total acquisition cost of about $8.8 million.

These moves reflect a shift in corporate mindset — from viewing crypto as speculative to treating it as a viable store of value or even a hedge against inflation and currency devaluation.

U.S. and Mainland Chinese Companies Join the Trend

Even beyond Hong Kong, global firms are re-evaluating their treasury policies.

Canaan Inc. (NASDAQ: CAN) – The “First Blockchain Stock”

Canaan, a leading Bitcoin mining hardware manufacturer, held 1,133.5 BTC as of June 30. At the time, the fair market value was $69.9 million, making it one of the most significant corporate holders among publicly traded Chinese tech firms.

Zhidi Shares (SZ000676) – A Rare A-Share Case

Among mainland-listed companies, few have openly disclosed crypto holdings due to regulatory caution. However, Zhidi Shares confirmed on its investor platform that it classifies Bitcoin as an intangible asset, measured at cost.

As of December 31, 2023, the book value of its Bitcoin holdings was 56.47 million RMB (~$7.8 million). While it sold part of its position in Q1 2024, the company confirmed in early November it still holds Bitcoin.

However, regulatory context remains crucial.

In December 2013, the People’s Bank of China and five other ministries issued a joint notice stating:

“Bitcoin is not legal tender and cannot be used as currency in market circulation.”

It also prohibited financial institutions from engaging in Bitcoin-related services — a stance that continues to influence A-share companies’ conservative approach.

Market Catalysts Behind the Crypto Surge

The surge in corporate crypto adoption coincides with several powerful macro trends:

🔺 Bitcoin Breaks Records

• On November 6, following Donald Trump’s projected U.S. election win, Bitcoin soared past $75,000.
• After the Federal Reserve announced a 25-basis-point rate cut on November 7, momentum accelerated.
• By November 10, Bitcoin broke the $80,000 barrier.
• On November 12, it briefly spiked above $90,000, marking new all-time highs.

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📈 Explosive Growth in U.S. Bitcoin ETFs

The launch of spot Bitcoin ETFs in the U.S. on January 10 marked a turning point.

• Initial combined assets: ~$28 billion
• Current total (as of latest data): ~$82 billion
• Threefold growth in under a year

BlackRock’s iShares Bitcoin Trust (IBIT) became the largest spot Bitcoin ETF:

• Set a single-day trading volume record of $4.1 billion
• Attracted $1.1 billion in net inflows the next day — a new daily high

More remarkably, IBIT recently surpassed the iShares Gold Trust (IAU) in assets under management — a symbolic moment where Bitcoin began outpacing gold as a preferred institutional store of value.

Gold vs. Bitcoin: A Shifting Paradigm?

While Bitcoin rockets upward, traditional safe-haven assets like gold are seeing outflows.

• On election day (November 6), gold prices dropped sharply — the largest single-day decline in over two years.
• Gold fell 3.93% over the week.
• Investors appear to be rotating from gold into crypto amid expectations of looser monetary policy and clearer U.S. crypto regulations under a potential Trump administration.

As Noelle Acheson, crypto macro analyst, observed:

“Clearer regulatory signals from a new U.S. administration may make Bitcoin more attractive than gold for some investors.”

This shift suggests we may be witnessing a structural change in how institutions define “value preservation.”

Key Takeaways for Investors

These developments highlight several important themes:

• Small-cap companies are taking outsized bets on digital assets.
• Hong Kong is emerging as a hub for compliant crypto investing.
• Regulatory clarity — especially in the U.S. — is accelerating institutional inflows.
• The narrative around Bitcoin is evolving from “digital gold” to “preferred reserve asset.”

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Frequently Asked Questions (FAQ)

Q: Why would a gaming company invest heavily in Bitcoin?

A: Companies like Boya Interactive see crypto not just as an investment but as part of their strategic pivot toward Web3 technologies — including blockchain gaming, NFTs, and decentralized platforms.

Q: Is it legal for Chinese companies to hold Bitcoin?

A: While mainland financial institutions are banned from handling Bitcoin transactions, privately held companies may own crypto as an asset if acquired through offshore channels. However, public disclosure is rare due to regulatory sensitivity.

Q: How do corporate crypto purchases affect stock prices?

A: Stocks of companies announcing large crypto buys often experience short-term spikes due to speculative interest. However, long-term performance depends on execution, transparency, and broader market conditions.

Q: Are Bitcoin ETFs safer than holding crypto directly?

A: ETFs offer regulated exposure without custody risks, making them ideal for risk-averse or institutional investors. However, direct ownership gives full control over private keys and usage rights.

Q: Could other sectors follow this trend?

A: Yes — particularly tech, fintech, and mining firms with high cash reserves. As volatility decreases and regulation improves, more treasuries may consider allocating to Bitcoin as a non-correlated asset.

Q: What risks do companies face when holding crypto?

A: Price volatility, cybersecurity threats, regulatory uncertainty, and reputational risk are major concerns. Proper risk management and transparent reporting are essential.

Final Thoughts

The case of Boya Interactive illustrates how even small-cap firms are leveraging digital assets to redefine shareholder value. With Bitcoin breaking records and ETFs drawing massive inflows, the line between traditional finance and crypto is blurring faster than ever.

Whether this marks the beginning of a broader corporate treasury revolution — or a speculative bubble — remains to be seen. But one thing is clear: Bitcoin is no longer on the fringe.

For investors watching this space, staying informed and agile will be key to navigating what could be one of the most transformative financial shifts of the decade.