The world of digital assets is experiencing a seismic shift as Bitcoin surges past the $90,000 milestone, marking a historic high and capturing global investor attention. While gold falters in contrast, Bitcoin’s meteoric rise has turned heads across financial markets—especially among publicly traded companies adjusting their strategies to capitalize on this bullish momentum.
In early November 2025, Bitcoin broke through the $90,000 barrier for the first time, peaking at **$93,491.77 per coin on November 13. Just five days after surpassing $80,000, the leading cryptocurrency achieved another record, briefly reaching **$91,826.36 on November 14. Since November 4 alone, Bitcoin has surged by 31.66%, fueling speculation, investment, and strategic corporate moves across Asia and beyond.
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Corporate Bitcoin Holdings: Winners and Missed Opportunities
As Bitcoin climbs, several Hong Kong-listed firms have revealed their crypto exposure—some reaping massive gains, while others face regret over premature exits.
Boya Interactive (00434.HK): A Digital Asset Powerhouse
Boya Interactive has emerged as one of the most prominent corporate holders of Bitcoin. On November 12, the company disclosed it owns 2,641 Bitcoin, acquired at an average cost of $54,000 per BTC**, with a total investment of approximately **$143 million. Additionally, it holds 15,400 Ethereum, purchased at an average price of $2,756 each.
At Bitcoin’s peak near $93,000, Boya’s unrealized profit exceeded **$100 million. According to Securities Times, digital assets accounted for 75% of the company's total assets and over 90% of its liquid assets in its 2024 half-year report. The firm added 885 BTC** in Q2 alone.
This aggressive positioning paid off in the stock market: Boya’s share price jumped from HK$1.75 to HK$3.03 in November—a staggering 203% increase.
Bluehole Interactive (08267.HK): Long-Term Belief in Web3
Mafeng Wang, founder of Bluehole Interactive, shared on social media that the company began purchasing Bitcoin at $26,000 per coin**, with initial discussions dating back to when prices were below **$4,000—though board resistance delayed execution.
In February 2025, Bluehole increased its maximum crypto investment limit from $5 million to $6 million, allowing purchases up to 10% above market price for both Bitcoin and Ethereum. By mid-2025, the company had spent 41.9 million RMB ($5.8 million) on digital assets—a year-on-year increase of 554.69%.
Country Rich Innovation (00290.HK): Strategic Entry Pays Off
Between March and August 2025, Country Rich Innovation invested approximately HK$36 million ($4.6 million) in Bitcoin. During that period, BTC traded between $50,000 and $60,000, suggesting an average entry point around $55,000–$60,000.
With Bitcoin briefly exceeding $93,000**, the company’s unrealized gains could reach nearly **HK$20 million ($2.56 million)—a significant return on a calculated bet.
Yusin Technology (8005.HK): Selling Low Before the Surge
Not all companies timed the market correctly. Yusin Technology sold $3.6 million worth of Bitcoin** between July 28 and October 7, 2025. From October 7 to Bitcoin’s peak on November 13, the asset appreciated by **40.65%**—meaning Yusin potentially missed out on nearly **$1.47 million in additional value.
This serves as a cautionary tale about timing and sentiment in volatile markets.
Beyond Holdings: Acquiring Crypto Platforms
Some firms aren’t just investing in crypto—they’re building infrastructure to support it.
OSL Group (0863.HK) Expands Into Japan
On November 4, OSL Group announced a strategic acquisition: its subsidiary OSL Investment (Japan) Limited signed agreements to acquire 81.38% of CoinBest Co., Ltd., a licensed crypto exchange regulated by Japan’s Financial Services Agency.
The deal, expected to close by December 31, 2025, marks OSL’s entry into one of Asia’s most mature and regulated digital asset markets. The company views Japan as a cornerstone for expanding its footprint across the Asia-Pacific region.
This move reflects a broader trend: corporations are no longer passive investors but active participants shaping the future of decentralized finance and digital asset ecosystems.
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Market Drivers Behind the Rally
Several macro factors have contributed to Bitcoin’s explosive rally:
- U.S. Election Impact: Following Donald Trump’s victory in the November 5 election, Bitcoin rose nearly 30%. Trump has pledged to create a pro-crypto regulatory environment, including establishing a strategic Bitcoin reserve and positioning the U.S. as a global leader in blockchain innovation.
- Institutional Inflows: Investors poured $4.7 billion net inflows** into U.S.-based spot Bitcoin ETFs immediately after the election. According to Bloomberg, 12 major ETFs—including those managed by BlackRock and Fidelity—now hold around **$94 billion in assets.
- Retail Revival: After a year of muted interest, retail participation has rebounded sharply since the election, driven by renewed optimism and media coverage.
Michael Safai, founding partner at Dexterity Capital, noted: “Widespread enthusiasm from both institutions and retail investors is driving price action.”
Is the Momentum Cooling?
Despite the euphoria, signs suggest short-term caution may be warranted.
- K33 Research reported a decline in the premium of CME-traded Bitcoin futures over spot prices—a potential indicator of moderating risk appetite.
- Amberdata showed a spike in open interest for $80,000 put options, signaling hedging activity.
- Vetle Lunde, Research Head at K33, stated: “The market seems to be cooling down slightly. A narrowing futures premium may hint at reduced speculative intensity.”
James Davies, CEO of Crypto Valley Exchange, added: “We’re in a phase of pure speculation. Until U.S. policy clarity emerges, expect high volatility and mixed signals.”
He emphasized that $90,000 is a critical psychological level—either acting as resistance or confirming a breakout toward higher targets.
Deribit data shows strong call option concentration around a $100,000 Bitcoin price target**, with over **$1 billion flowing into U.S. Bitcoin ETFs early in the week.
Expert Outlook: What’s Next?
Chris Weston, Research Director at Pepperstone Group, remains bullish: “The trend is still up. Once leveraged positions are cleared out, buyers will return.”
Meanwhile, an anonymous digital asset researcher based in China highlighted Bitcoin’s enduring appeal due to its pseudonymity and decentralized nature, which continue to challenge regulators worldwide. However, he believes “the long-term trajectory remains upward.”
Frequently Asked Questions (FAQ)
Q: When did Bitcoin first break $90,000?
A: Bitcoin first surpassed $90,000 on November 13, 2025, reaching an intraday high of $93,491.77.
Q: Which companies benefited most from recent Bitcoin gains?
A: Boya Interactive, Bluehole Interactive, and Country Rich Innovation saw substantial unrealized profits due to strategic holdings acquired below $60,000 per BTC.
Q: Why did Bitcoin surge after the U.S. election?
A: Market optimism grew following Donald Trump’s pro-crypto stance, including promises to establish a national Bitcoin reserve and favorable regulations.
Q: Are institutions still buying Bitcoin?
A: Yes—U.S.-listed spot Bitcoin ETFs received $4.7 billion in net inflows post-election, with major players like BlackRock and Fidelity leading demand.
Q: Could Bitcoin reach $100,000?
A: Many traders believe so—the Deribit exchange shows heavy call option activity centered on a $100K target.
Q: What risks should investors watch for?
A: Short-term volatility remains high. Key indicators like futures premiums and put/call ratios suggest growing caution despite strong upward momentum.
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Bitcoin’s journey past $90,000 isn’t just a price movement—it’s a signal of deepening institutional acceptance and evolving corporate strategy. Whether you're an investor or observer, one thing is clear: digital assets are no longer on the fringe—they're at the heart of global finance.