BOYAA(HK:00434) 2 1 Shi Ji Jing Ji Bao Dao·2025-08-17 13:24Core Viewpoint - The article discusses how Boyaa Interactive, led by Chairman Dai Zhikang, has aggressively accumulated Bitcoin, positioning itself as a significant player in the cryptocurrency market despite being primarily a gaming company. The company holds 3,416 Bitcoins, valued at approximately $420 million, and has no plans to sell its holdings, reflecting a strong belief in Bitcoin's future as a mainstream asset [1][4][6][30]. Group 1: Company Strategy and Holdings - Boyaa Interactive has accumulated a total of 3,416 Bitcoins, with an average purchase cost of about $59,300 per Bitcoin, making it the largest holder among Hong Kong-listed companies [1][4]. - The company has spent over $200 million (approximately 1.5 billion RMB) on Bitcoin investments and plans to use equity and debt financing, along with cash flow from its gaming operations, to further increase its Bitcoin holdings [13][24]. - Boyaa Interactive's strategy includes two authorized purchases for cryptocurrency totaling up to $200 million, approved in the 2023 and 2024 shareholder meetings [14]. Group 2: Market Performance and Future Outlook - Despite the volatile nature of cryptocurrency markets, Boyaa Interactive has maintained a calm approach, continuously increasing its Bitcoin holdings even during significant market downturns [7][10]. - The company's stock price has seen a significant increase, rising approximately 90% this year, largely attributed to its entry into the cryptocurrency space [24]. - Boyaa Interactive aims to become a leading Web3 company, leveraging its gaming expertise to develop high-quality Web3 games and potentially attract new users from the blockchain community [20][26]. Group 3: Gaming Business and Financial Performance - The gaming segment remains the core business for Boyaa Interactive, contributing 97.3% of its revenue, with a historical reliance on the popular game "Texas Hold'em" [15][16]. - The company is exploring international markets and other card games to stabilize its gaming revenue, as the average revenue per paying user has been declining [16][18]. - Boyaa Interactive's business model primarily revolves around selling virtual currencies and items within its games, which aligns with its cryptocurrency investments [18][19].