Boyaa Interactive expects 6.4x net profit surge in 2024

Representation of Bitcoin cryptocurrency is seen in this illustration taken January 11, 2024. REUTERS
Representation of Bitcoin cryptocurrency is seen in this illustration taken January 11, 2024. REUTERS

Boyaa Interactive International (0434) issued a profit warning on Sunday, expecting its net profit for 2024 to surge by 6.4 to 6.8 times compared to 117.2 million yuan (HK$125.77 million) in 2023.

The increase is attributed to the increase in fair value of the digital assets and revenue, as well as the reduction in the decrease in fair value of financial assets, the company said in a filing.

Boyaa held 3,183 Bitcoins as of November 29, making it the Asian-listed company with the largest Bitcoin holdings. Its holdings are now valued at around US$309 million (HK$2.4 billion), reflecting an unrealized gain of nearly 70 percent based on the current Bitcoin price of US$97,154.

Its shares have fallen 7 percent year-to-date, but have surged 6.4 times over the past 12 months.

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