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博雅互动：Bitcoin’s Surge Propels Asian “MicroStrategy” to New Heights

In December 2025, Bitcoin shattered the $100,000 barrier, peaking at an all-time high of $104,088. Amid this historic rally, one unexpected winner emerged from the East: Boya Interactive (HKEX: 00434.HK), a Hong Kong-listed gaming company that has transformed itself into Asia’s most prominent corporate Bitcoin holder. With a crypto portfolio nearing $340 million, Boya has become a symbol of the convergence between traditional business and blockchain innovation—earning comparisons to MicroStrategy, the U.S.-based BTC giant.

Over the past year, Boya Interactive’s stock has surged more than 10x, climbing from below HK$0.50 to over HK$6.43—a near 13-fold increase. This meteoric rise is not just a market anomaly; it reflects a bold, forward-thinking strategy centered on Bitcoin accumulation, Web3 integration, and long-term digital asset adoption.

From Game Developer to Crypto Powerhouse

Founded in 2004 and listed in 2013, Boya Interactive built its reputation on online card and board games like Texas Hold’em, Chinese Chess, and Mahjong. But facing regulatory headwinds in China’s domestic gaming market around 2018, the company began exploring international expansion and new growth vectors.

The real transformation began in August 2023, when Boya announced its board had approved a **$5 million budget** to purchase Bitcoin and Ethereum. At the time, the stock traded near HK$0.50—largely overlooked by global investors.

This move marked the start of what analysts now call a “dual flywheel effect”—where rising crypto prices boost both the company's balance sheet and investor confidence, driving up the stock price in tandem.

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Strategic Bitcoin Accumulation: A 200% ROI in Under Two Years

Boya didn’t stop at its initial purchase. By December 2023, shareholders authorized an additional $100 million** for crypto acquisitions. Then in March 2025, another **$100 million was approved, bringing the total capital allocation to $200 million.

As of December 2025, Boya holds:

With an average BTC acquisition cost of $57,724 per coin**, Boya’s unrealized profit on Bitcoin alone exceeds **$150 million—a staggering return on investment.

What sets Boya apart is not just the size of its holdings, but its strategic shift in asset allocation. In November 2025, the company executed a major swap: exchanging 14,200 ETH (worth $49.48 million) for 515 BTC. The rationale? Bitcoin’s superior long-term performance and resilience compared to other cryptos.

“We believe Bitcoin will continue to lead the crypto industry,” Boya told ChainCatcher. “Our strategy is clear: increase our BTC reserves and focus on the strongest digital asset.”

This decision mirrors moves made by MicroStrategy and other institutional players who view Bitcoin as digital gold—a hedge against inflation and currency devaluation.

Why Boya Stands Out Among Asian Firms

While other Asian companies have dabbled in crypto—like Meitu, which owns over 940 BTC and 31,000 ETH—Boya has emerged as the most aggressive and consistent buyer.

Among Hong Kong-listed firms:

Boya’s 3,183 BTC makes it the largest Bitcoin holder among Asian-listed companies, ranking 11th globally among public firms according to BitcoinTreasuries.org. It is the only Asian company in the top 15.

This leadership position has earned Boya the nickname “Asia’s MicroStrategy.” Like Michael Saylor’s firm, Boya uses equity financing and operating cash flow to buy and hold BTC long-term. In fact, Boya now tracks MicroStrategy’s Bitcoin-to-share ratio as a key performance metric.

Web3 Vision: Beyond Crypto Holdings

Boya isn’t just hoarding Bitcoin—it’s building a Web3 ecosystem.

The company sees Web3 as a natural evolution of its gaming business, where user ownership, decentralized economies, and play-to-earn models can transform player engagement.

Since early 2025, Boya has invested over $14.57 million across seven Web3 initiatives:

These investments form a cohesive Web3 strategy: develop infrastructure, support promising startups, and integrate blockchain into existing games.

Boya has also assembled a dedicated Web3 team focused on:

“Our goal is to create a seamless bridge between Web2 and Web3,” Boya stated. “We’re not abandoning our core business—we’re enhancing it with blockchain.”

Financial Discipline and Asset Security

Despite rapid growth, Boya emphasizes prudence. All crypto assets are stored securely using:

The company maintains strict internal controls and audits its holdings regularly.

Moreover, Boya uses crypto gains strategically. In its latest financial report, digital asset appreciation accounted for 87% of net profit, with crypto assets representing 75% of total assets and over 90% of current assets.

Going forward, Boya plans to return value to shareholders through dividend payouts funded by crypto profits—a model gaining traction among crypto-native public firms.

Frequently Asked Questions (FAQ)

Q: How much Bitcoin does Boya Interactive currently hold?

A: As of December 2025, Boya holds approximately 3,183 BTC, making it the largest Bitcoin holder among Asian-listed companies.

Q: Has Boya Interactive sold any of its Bitcoin?

A: No. The company has consistently stated it has no plans to sell its Bitcoin holdings. It views BTC as a long-term strategic reserve.

Q: What is Boya’s average purchase price for Bitcoin?

A: Boya’s average acquisition cost is around $57,724 per BTC, based on incremental buys since August 2023.

Q: Is Boya Interactive profitable?

A: Yes. While traditional gaming revenue grew modestly to ~$395 million in 2024 (+5.1% YoY), the majority of its net profit came from crypto appreciation—over **$245 million in gains** during the first half of 2025 alone.

Q: Will Boya invest in other cryptocurrencies besides Bitcoin?

A: Unlikely. The company has stated it does not plan to add new altcoins to its portfolio. Previous investments in ATOM and BNB were made for ecosystem development purposes, not speculation.

Q: Could Boya raise more funds to buy more Bitcoin?

A: Yes. The company has not ruled out future fundraising via share placements or debt issuance—similar to MicroStrategy’s approach—to further expand its BTC reserves.

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The Road Ahead: Building an Asian Web3 Titan

Boya Interactive’s transformation offers a compelling blueprint for traditional companies navigating the digital age. By embracing Bitcoin as treasury reserves and investing strategically in Web3 innovation, it has redefined shareholder value.

Its success is fueled by three core pillars:

  1. Long-term conviction in Bitcoin
  2. Disciplined capital allocation
  3. Strategic integration of blockchain into core operations

While still small compared to global giants like MicroStrategy (which holds over 400,000 BTC), Boya aims to maintain its leadership in Asia—and potentially expand its influence worldwide.

As Hong Kong continues to position itself as a Web3 hub with supportive regulations, companies like Boya are well-placed to lead the charge.

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Final Thoughts

Boya Interactive’s story is more than a stock market rally—it’s a testament to visionary leadership and strategic foresight. From a modest gaming company to a $340 million crypto holder with a growing Web3 footprint, Boya has proven that even legacy businesses can thrive in the digital economy.

With Bitcoin surpassing $100,000 and institutional adoption accelerating, Boya stands at the forefront of a new era—one where corporate treasuries are reimagined, games become economies, and visionaries build the future.

For investors and innovators alike, Boya Interactive is a name to watch closely in 2025 and beyond.