Boyaa Interactive Dumps Ether Holdings for BTC. Is Ether Losing Edge to Bitcoin?

Boyaa Interactive, a well-known Chinese gaming company listed on the Hong Kong Stock Exchange, has made a bold move by swapping a large portion of its Ether (ETH) holdings for Bitcoin (BTC). The shift raises questions about Ethereum’s position relative to Bitcoin in the eyes of institutional investors.

Is ETH Losing Edge to BTC?

In a recent filing, Boyaa disclosed that it had converted 14,200 ETH into approximately 515 BTC, valued at $49.48 million. The company had originally acquired Ether at an average price of $2,777 per ETH, totaling $39.45 million.

Following the transaction, Boyaa’s Bitcoin holdings increased to 3,183 BTC, with an average purchase price of $57,724 per Bitcoin. This positions Boyaa as the largest corporate Bitcoin holder in Asia, surpassing Japan’s Metaplanet.

Boyaa’s move echoes a similar decision made earlier this month by a veteran Ethereum investor, who also decided to liquidate their entire ETH holdings and switch to Bitcoin.

The investor explained that while the decision was difficult, it reflected a shift in their long-term investment strategy. Although they recognized Ethereum’s key roles in decentralized finance, real-world assets, and NFTs, they expressed confidence that Bitcoin offers greater stability and security as a store of value.

Institutional Trend Toward BTC

Boyaa’s Bitcoin acquisition, along with the veteran Ethereum investor’s decision, reflects a broader institutional trend toward Bitcoin. Companies like Thumzup Media, Solidion Technology, Genius Group, and Rumble have recently boosted their Bitcoin holdings, signaling growing confidence in the leading cryptocurrency.

The institutional shift is further reinforced by efforts in the U.S. to incorporate Bitcoin into national reserves. Advocates, including President-elect Donald Trump, view Bitcoin as a valuable addition to traditional reserves.

On a global scale, countries like Brazil and Poland are exploring Bitcoin’s potential role in reserve management. Brazil has introduced a bill that could allocate up to 5% of its $370 billion in international reserves to Bitcoin, while in Poland, presidential candidate Slawomir Mentzen has proposed establishing a national Bitcoin reserve. 

Meanwhile, Surinamese politician Maya Parbhoe has even suggested making Bitcoin legal tender in her country.