How a Shenzhen Company Bought Over 3,000 Bitcoin and Earned $870 Million

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In a stunning financial turnaround,博雅互动 (Boya Interactive), a Shenzhen-based gaming company, has captured widespread attention after revealing its massive gains from cryptocurrency investments. The company’s 2024 earnings report not only showcased strong performance in its core gaming business but also revealed an aggressive and highly profitable foray into digital assets—netting an estimated $870 million in unrealized gains from Bitcoin and Ethereum holdings.

This remarkable shift offers a compelling case study in strategic diversification, timing in volatile markets, and the growing intersection between traditional tech firms and Web3 innovation.

Gaming Revenue Growth: Steady Performance with Global Expansion

Boya Interactive’s foundation remains its online gaming operations. In 2024, the company reported total revenue of RMB 457 million (approximately $63.5 million)**, marking a **15.8% year-on-year increase**. More impressively, net profit attributable to shareholders surged by **654.2% to RMB 886 million ($123 million).

The growth was driven by two key factors: ongoing optimization of existing titles and geographic expansion beyond mainland China.

As of December 31, 2024, Boya operated 61 traditional online games across 12 language versions, maintaining a loyal user base. Notably, the company saw stable paying player numbers—around 200,000 users in Q4 2024—with improvements in monetization on mobile platforms.

Their flagship title, Texas Hold’em Poker, remained the primary revenue driver:

Despite retiring six underperforming games in China, Boya successfully expanded into Southeast Asia and the Middle East—regions where demand for social casino and skill-based gaming remains strong. This strategic pivot contributed to overall gaming revenue rising to RMB 406 million ($56.4 million), up 2.8% from the previous year.

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A Bold Bet on Cryptocurrency: From 5 to Over 3,000 Bitcoin in One Year

While the gaming segment delivered solid results, it was Boya Interactive’s cryptocurrency investment that truly shocked the market.

At the end of 2023, the company held just 5 Bitcoin (BTC)—a negligible position. But throughout 2024, Boya aggressively accumulated digital assets. By December 31, 2024, its holdings had skyrocketed to:

And the buying didn’t stop there. As of the earnings announcement on March 5, 2025, Boya’s Bitcoin stash had grown further to 3,351 BTC—indicating continued confidence in long-term price appreciation.

With Bitcoin trading above $90,000** at the time of reporting, the fair value of Boya’s digital asset portfolio reached **RMB 2.36 billion ($328 million). Based on market prices, the company recorded an unrealized gain of approximately RMB 865 million ($120 million)—nearly matching its entire gaming revenue.

This move transformed Boya from a modestly growing game developer into one of the most talked-about corporate investors in crypto.

Risk Management and Regulatory Compliance

Given the volatility and regulatory sensitivity surrounding cryptocurrencies, Boya Interactive has taken steps to institutionalize its digital asset strategy.

The company has established a dedicated Virtual Asset Business Management and Risk Control Department, responsible for:

As a Hong Kong-listed entity (HKEX: 0434), Boya is subject to strict disclosure requirements. Its transparent reporting on holdings and valuation practices helps build investor trust—an essential factor as more traditional companies explore crypto treasuries.

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Strategic Vision: Becoming a Leading Web3 Company

Looking ahead, Boya Interactive has outlined an ambitious transformation plan:

“We intend to long-term hold and continue expanding our cryptocurrency reserves, maintain steady growth in our traditional online gaming business, and actively invest in Web3 initiatives—to become a pure-play, leading Web3-listed company.”

This vision signals a fundamental shift in corporate identity—from a regional game publisher to a forward-thinking digital asset and blockchain innovator.

Potential directions include:

Such moves align with broader industry trends, where gaming and blockchain increasingly converge through play-to-earn models, digital ownership, and cross-platform asset interoperability.

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Frequently Asked Questions (FAQ)

Q: How much did Boya Interactive earn from its Bitcoin investment?
A: As of December 31, 2024, the company recorded unrealized digital asset gains of approximately RMB 865 million ($120 million) based on market valuation.

Q: When did Boya Interactive start buying Bitcoin?
A: While the company held only 5 BTC at the end of 2023, it began large-scale accumulation throughout 2024—adding over 3,200 BTC during that year alone.

Q: Is Boya Interactive still operating its games?
A: Yes. The company continues to run 61 online games globally, including its flagship Texas Hold’em Poker, while expanding into Southeast Asia and the Middle East.

Q: How does Boya manage crypto risk?
A: It has established a dedicated internal department focused on virtual asset policy, risk control, and regulatory compliance under Hong Kong law.

Q: What is Boya’s future plan regarding crypto?
A: The company plans to permanently hold and expand its Bitcoin and Ethereum reserves while integrating blockchain technology into its gaming ecosystem.

Q: Could other companies follow this model?
A: Absolutely. With rising institutional acceptance of crypto as treasury assets—similar to MicroStrategy or Tesla—more tech firms may adopt hybrid models combining core operations with strategic digital asset holdings.

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Final Thoughts: Timing, Strategy, and the Future of Digital Assets

Boya Interactive’s story isn’t just about luck in catching a bull run—it reflects deliberate strategic thinking. By recognizing the macro potential of Bitcoin’s price cycle and acting decisively during a pivotal year, the company redefined its financial trajectory.

Its dual focus—on maintaining stable gaming revenue while embracing high-growth digital assets—offers a blueprint for innovation in uncertain markets. Moreover, its commitment to compliance and long-term Web3 development suggests this isn’t a speculative stunt but part of a sustainable evolution.

For investors, entrepreneurs, and tech enthusiasts alike, Boya Interactive stands as a powerful example of how agility, vision, and calculated risk can lead to extraordinary outcomes in the digital economy.