This article only represents the author's own views.
Boyaa Interactive International Ltd. (0434.HK) has transformed over the last two years, increasingly seen as a “bitcoin concept stock” as it drifts from its original core gaming business. As its bitcoin holdings grow, the gaming veteran’s earnings have become closely tied to price swings for the notoriously volatile cryptocurrency. But the company may be pursuing ambitions beyond simply stockpiling bitcoin.
Boyaa rose to prominence through its Texas Hold’em games before being hit by a regulatory crackdown on card and board games in China. Over the last two years, the company has attracted growing investor attention for its move into bitcoin. A sharp rise for the cryptocurrency in 2024 brought Boyaa HK$948 million ($121 million) in gains that year, turbocharging its annual profit to HK$969 million. Investors even viewed Boyaa as a Hong Kong edition of bitcoin treasury company Strategy Inc. (MSTR.US) at one point, sending the Chinese company’s shares surging in tandem with Web3 and other bitcoin plays.