Two publicly traded companies took contrary paths with their corporate Bitcoin treasuries this week, as Hong Kong-listed Boyaa Interactive increased its stash while Nasdaq-listed Empery sold a substantial portion to meet financial obligations.
Boyaa Interactive disclosed through a Hong Kong Stock Exchange filing on July 10 that it had purchased 108 BTC, bringing its total Bitcoin holdings to 4,201 BTC. The mobile gaming firm has been steadily building its position over the past year, with a previously announced $70 million budget for crypto acquisitions. This latest buy reinforces Boyaa’s commitment to Bitcoin as a balance-sheet asset, placing it among the top publicly traded corporate holders in Asia and globally.
In stark contrast, Empery revealed in its own filing that it had sold 1,400 BTC between May 7 and July 10 at an average price of $62,200 per Bitcoin, generating approximately $87.1 million in gross proceeds. The company stated that the funds would be used to repay debt, finance a property acquisition, cover legal expenses from shareholder litigation, and strengthen cash reserves. As of July 10, Empery retained 1,514 BTC and approximately $73.9 million in cash. The sale comes after an earlier round in early 2026, when Empery (then operating as Volcon) offloaded 722 BTC for around $50 million.
The diverging strategies highlight the evolving landscape of corporate Bitcoin treasuries. While Boyaa continues to accumulate, Empery is scaling back to improve liquidity. Other companies like Capital B are pursuing aggressive accumulation through new equity and debt authorizations, and Nakamoto Inc. has used a mix of sales and refinancing to manage debt while retaining over 4,467 BTC. These examples underscore that Bitcoin’s role on corporate balance sheets remains highly dependent on individual financial needs and market conditions.
