京城IT四少币圈豪赌：要做下一个MicroStrategy

Core Insights - The article discusses the transformation of Boyaa Interactive under the leadership of Dai Zhikang, who has shifted the company's focus from traditional gaming to cryptocurrency investments, particularly Bitcoin [1][10][12] - Boyaa Interactive's stock price has surged dramatically, from 0.5 HKD to 8.2 HKD, reflecting a nearly 17-fold increase, largely due to its Bitcoin holdings [11][12] - The company aims to position itself as a leader in the Web3 gaming space, integrating blockchain technology with its gaming operations [16][18] Company Background - Dai Zhikang was one of the "Four IT Youngsters" in Beijing, known for founding Discuz!, which became a leading community software [2][4] - After selling Discuz! to Tencent for 280 million RMB, he continued to innovate within the tech space, including significant contributions to WeChat's QR code payment system [3][4] - He transitioned into angel investing, achieving substantial returns, particularly from his early investment in Boyaa Interactive [5][6] Investment Strategy - In 2023, Boyaa Interactive made a bold decision to invest over 200 million USD in Bitcoin, acquiring 3,416 BTC at an average cost of approximately 59,300 USD each [11][12] - The company has adopted a contrarian investment approach, buying Bitcoin during market downturns, which has led to significant unrealized gains [11][12] - Boyaa's annual report now emphasizes Bitcoin as a core asset, reflecting a shift in performance metrics from traditional gaming metrics to cryptocurrency holdings [12][14] Market Position and Future Plans - Boyaa Interactive has become the largest Bitcoin holder in the Hong Kong market, transforming its image from a struggling gaming company to a significant player in the cryptocurrency space [12][14] - The company plans to continue increasing its Bitcoin holdings, with a target of accumulating 21,000 BTC by 2027 [18][19] - Dai Zhikang envisions integrating gaming with Web3 technologies, aiming to create a new ecosystem that leverages both virtual currencies and blockchain [16][18] Challenges and Criticism - Despite the impressive stock performance, Boyaa's core gaming business has shown signs of decline, with a reported revenue drop of 5.2% in the first half of 2025 [15][19] - Critics argue that relying heavily on Bitcoin and Web3 gaming could be risky, as the latter is still in its infancy and has seen many projects fail [19] - The volatility of Bitcoin poses a significant risk, with the company already facing a loss of 315 million HKD due to price fluctuations [15][19]