Boyaa Interactive's 'Bitcoinization' Strategy Faces Web3 Reality Check

Benzinga05-20

Once known for its Texas Hold'em games, the company is repositioning itself as a Hong Kong-listed bitcoin play through its push into Web3 gamingimage credit: Bamboo WorksKey Takeaways: Boyaa ...

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class=\"meta\">\n\n\n2026-05-20 23:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/Opinion/26/05/52695808/boyaa-interactives-bitcoinization-strategy-faces-web3-reality-check><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Once known for its Texas Hold'em games, the company is repositioning itself as a Hong Kong-listed bitcoin play through its push into Web3 gamingimage credit: Bamboo WorksKey Takeaways:\nBoyaa ...</p>\n\n<a href=\"https://www.benzinga.com/Opinion/26/05/52695808/boyaa-interactives-bitcoinization-strategy-faces-web3-reality-check\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BKCH","symbol_name":"AdvisorShares Sabretooth 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of its bitcoin holdings, the company said its core profit for the quarter rose between 85% and 90%\nBoyaa 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 held 4,092 bitcoins at the end of last year, which it acquired at a total cost of about $279 million, implying an average of roughly $68,000 per bitcoin. According to the company, these bitcoin holdings are not merely investments, but are gradually being parlayed for use in Web3 gaming projects.In its 2025 annual report, Boyaa for the first time formally outlined a \"three-in-one\" strategy centered on \"gaming applications, ecosystem development, and value storage.\" Under the model, its card and board game business provides it with a relatively stable revenue flow, while bitcoin is positioned as a core strategic asset within its Web3 ecosystem.The company disclosed that part of its bitcoin holdings has already been deployed directly into Web3 infrastructure. For example, its MTT Network game public chain has allocated 1,000 bitcoins as staking assets to support blockchain security. Meanwhile, its Web3 game wallet, YAAKO Wallet, has committed 500 bitcoins as liquidity reserves for cross-chain asset transfers. Its Web3 poker platform, MTT Sports, also uses bitcoin as rewards for player tournaments.A Web3 ecosystemThe company appears to be building a Web3 gaming ecosystem underpinned by bitcoin. Web3 games generally refer to gaming models that integrate blockchain technology, nonfungible tokens (NFTs) and cryptocurrencies, allowing players to own, trade and even transfer in-game assets instead of leaving them fully controlled by game publishers.Over the past several years, many companies tried to build new gaming economies around a \"play-to-earn\" model. But as the crypto market cooled, many of those projects quickly unraveled due to collapsing token prices and unsustainable financial structures. To date, Web3 gaming has yet to achieve mainstream adoption.Boyaa's online gaming revenue was relatively stable last year at approximately HK$443 million, down just 0.4% year-on-year. That said, its underlying user metrics continued to deteriorate, at least in terms of user numbers. Its monthly active users (MAUs) plunged 34.5% from 4.15 million to 2.72 million last year, while paying users fell by an even steeper 54.7% from 201,000 to just 91,000.From being China's first listed card-and-board game company to reinventing itself as a Web3 stock, Boyaa's recent transformation mirrors the broader search among many Chinese internet companies looking for \"second lives\" as their older businesses mature and stagnate. So far, however, investors remain highly cautious about the company's Web3-plus-bitcoin strategy.Boyaa's shares have fallen about 42% over the last 52 weeks, significantly worse than bitcoin's roughly 21.8% decline over the same period. That seems to show Boyaa has not only become a proxy for crypto assets, but is even a magnifier for swings in the volatile market.With its Web3 initiatives still in the investment phase and lacking a proven stable business model, investors are increasingly treating Boyaa as a highly volatile crypto play rather than a traditional gaming company with predictable cash flow. That serves the company well when bitcoin prices are strong, but isn't very reassuring in the current climate of weak prices.To subscribe to Bamboo Works weekly free newsletter, click hereBenzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.Market News and Data brought to you by Benzinga APIs© 2026 Benzinga.com. Benzinga does not provide investment advice. 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