In mid-August, Boyaa Interactive disclosed that it held 3,416 bitcoins, with an average cost of about $59,300 per coin, ranking first in terms of holding scale among Hong Kong-listed companies.
As the price of bitcoin soared, reaching $122,300 per coin on August 12, the market value of Boyaa Interactive's bitcoins was approximately $420 million, equivalent to about 3 billion yuan. It is unimaginable that this company, which started with games, has become a heavyweight player in the digital asset market.
Dai Zhikang, the chairman of Boyaa Interactive's board, is the key figure behind this strategy. Dai invested in Huobi personally in 2014 and earned substantial returns, earning him the reputation as one of the "Four Young IT Tycoons of Beijing," alongside Li Xiang. He has maintained a strong interest in bitcoin, and despite the floating profit exceeding double, Boyaa Interactive has not disclosed any reduction in holdings, showing a firm belief in cryptocurrency assets.
Boyaa Interactive claims to be a "die-hard fan" of bitcoin. The company states: "We firmly believe that bitcoin will become a mainstream asset in the future world." Expanding bitcoin reserves has become an important strategy for the group. This year, the bitcoin market has seen severe fluctuations, accelerating the heartbeat of global investors, while Boyaa Interactive remains calm and continues to increase its holdings. For example, on February 28, when the price of bitcoin briefly fell below $80,000, over 200,000 people globally were liquidated, but Boyaa Interactive bought about 100 coins at a price of less than $80,000 each, timing the bitcoin purchase precisely.
As of August 11, Boyaa Interactive held a total of 3,416 bitcoins, adding 63 coins in just 41 days since the end of June, averaging more than one coin per day. Boyaa Interactive did not enter the cryptocurrency field early, only testing the waters in 2023 with a budget of $5 million. With his sharp market sense and past investment experience, Dai has driven the company into the cryptocurrency market and made it a part of its long-term strategic layout.
So far, Boyaa Interactive has invested over $200 million in bitcoin, equivalent to about 1.5 billion yuan. The company states that it will continue to increase its bitcoin holdings through equity financing, debt financing, and cash flow generated from its main gaming business, while also holding a small amount of other digital assets such as Ethereum and Tether. At the shareholder meetings in 2023 and 2024, authorizations for cryptocurrency purchases were approved, with a total limit of up to $200 million.
Despite being obsessed with crypto assets, Boyaa Interactive's main business is still gaming. In the first half of 2025, its online gaming revenue accounted for 97.3%, with over 95% of its 226 employees engaged in game-related work. The company has gained global popularity with "Texas Hold'em," with peak annual revenue from a single game exceeding 500 million yuan, providing a solid foundation for the company. However, as the ARPPU (Average Revenue Per Paying User) of the web version of "Texas Hold'em" declined both year-over-year and quarter-over-quarter, the management began exploring the overseas card game market and attempting to integrate games with Web3 technology. Dai pointed out: "Games and Web3 have natural integration points, and we hope to use our strengths to create high-quality Web3 game products."
Essentially, Boyaa Interactive's revenue still relies on selling game coins and other virtual items. Dai believes that game coins in card games are similar to stablecoins and may attract more Web3 users in the future, promoting the development of the blockchain game ecosystem. Around Web3, Boyaa Interactive has already made arrangements. In February this year, the company made its second investment in MTT ESPorts, with a total investment of about $10 million. MTT ESPorts focuses on Web3 infrastructure and game development, with its platform accumulating over 500,000 registered users.
Boyaa Interactive's coin-hoarding strategy has significantly boosted investor confidence. Before 2024, the stock price was long below 1 Hong Kong dollar, considered a "penny stock." After entering the cryptocurrency market, especially as bitcoin continued to strengthen this year, the stock price has cumulatively risen by about 90%. In the annual "Letter to Shareholders," the company explicitly proposed: "To build the company into a pure, leading Web3 listed company," using the growth rate of bitcoin as a key performance indicator, emulating the model of global corporate-level bitcoin holders like Strategy.
The board has set three major strategies: steady development of the gaming business, expansion of bitcoin reserves, and development and investment in Web3 games and related projects. With a wealth of entrepreneurial experience, Dai founded Discuz! at the age of 20 and sold it to Tencent for 280 million yuan; after transitioning to an angel investor, he invested 400,000 yuan in Boyaa Interactive, earning a 1,000-fold return on paper. With a long-term strategic perspective, he leads the company steadily forward in the cryptocurrency field, with no reduction plans currently in place.
However, the volatility of the cryptocurrency market is still an unavoidable risk. For example, in the first quarter of this year, the book value of the holdings decreased by 315 million Hong Kong dollars. Although transitioning to Web3 has potential, hoarding bitcoins not only offers opportunities for appreciation but also hides great uncertainties. In the future, under Dai's leadership, how Boyaa Interactive will balance its main gaming business with digital asset investment and achieve stable growth remains to be seen by the market.
