Mulana IM has released its latest research report on Boyaa Interactive (0434.HK). The report notes that the company recently announced a more aggressive Bitcoin treasury strategy, including plans to launch external financing to accelerate its Bitcoin allocation and to reach a strategic reserve target of 21,000 BTC by 2027.
This strategic shift is expected to position Boyaa Interactive as one of the leading listed Bitcoin treasury companies in Hong Kong and across Asia. In the near term, Boyaa Interactive will be officially included in the MSCI Global Small Cap Index after market close on August 26, 2025. The inclusion is expected to bring US$20-30 million in passive inflows and improve the liquidity of the company’s shares.
Over the medium to long term, the company plans to initiate external financing to accelerate the accumulation of its Bitcoin strategic reserves, attract new institutional investors, and provide sustained momentum for value creation, driving a second major re-rating of the company.
Over the past 18 months of strategic transformation, Boyaa Interactive has successfully evolved from a traditional online game operator into a listed company focused on Bitcoin treasury reserves. The company has acquired 3,416 BTC, making it the largest listed Bitcoin treasury company in the Hong Kong market. Its share price has risen by more than 13 times, significantly outperforming Bitcoin itself and major market indices over the same period.
Full report: link