Shares of BOYAA Interactive International Ltd (00434) surged 17.86% on Monday after the company announced that it holds a substantial amount of Bitcoin as of November 12, 2024.
According to a regulatory filing, BOYAA currently owns 2,641 units of Bitcoin worth a total of $142.7 million. This significant cryptocurrency holding, which was not previously disclosed, likely boosted investor confidence in the company's financial position and prospects, leading to the sharp increase in its stock price.
While BOYAA's Bitcoin holdings appear to be the primary driver behind the stock movement, analysts have also pointed out that the company's valuation remains relatively low despite its strong earnings growth over the past year. Some investors may have been cautious about the sustainability of BOYAA's earnings momentum, resulting in a depressed price-to-earnings (P/E) ratio. However, the revelation of the company's Bitcoin exposure could have prompted a reassessment of its growth potential, contributing to the stock rally.
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