Boyaa Interactive International Limited (“Boyaa”) reported a HK$792.32 million net loss for the six months ended 30 June 2026, reversing a HK$226.02 million profit a year earlier. The swing was driven by a HK$959.61 million fair-value loss on the group’s 4,201-bitcoin portfolio after first-half weakness in crypto-asset prices.

Revenue rose 16.0% year on year to HK$258.33 million, entirely fuelled by the legacy online-game business. Mobile and web-based titles generated HK$252.50 million, up 16.6%, while rental income from the Shenzhen Svotek Technology R&D Center contributed HK$1.67 million. Value-added gains from digital-asset management slipped 15.9% to HK$3.81 million.

Gross profit expanded 22.4% to HK$185.95 million as operating activities such as holiday events and gameplay optimisation improved monetisation. However, other gains swung to a HK$986.66 million loss (H1 2025: HK$213.01 million gain) because of the crypto markdown. This pushed Boyaa to an operating loss of HK$872.86 million and an IFRS net loss of HK$792.32 million.

Adjusting for non-cash items, chiefly digital-asset and investment fair-value changes plus share-based expenses, Boyaa recorded a non-IFRS adjusted net loss of HK$790.03 million. Stripping out all non-operating factors, management highlighted an underlying adjusted profit of HK$98.20 million, up 72.0% year on year, reflecting stronger core gaming performance.

Liquidity remained solid. Cash and term deposits totalled HK$100.17 million at end-June, while digital assets were valued at HK$2.08 billion versus HK$2.92 billion six months earlier. Average cost of the 4,201 BTC held is US$68,047 per coin; holdings also include 305 ETH plus smaller positions in ATOM and BNB. Balance-sheet gearing stood at 16.3%.

Operationally, second-quarter paying users slipped 9.6% sequentially to 90,000 and daily active users fell 7.8% to 620,000, though monthly actives held at 2.92 million. Boyaa continued to channel Bitcoin into its Web3 ecosystem: 1,000 BTC staked on MTT Network, 500 BTC deployed to YAAKO Wallet liquidity pools, and 100 BTC invested in MTT Sports prize pools.

Capital outlays were minimal at HK$0.03 million. The group repurchased 9.97 million shares for HK$24.29 million and paid a HK$0.0366 final dividend (HK$27.90 million) in July; no interim dividend was declared.

Management said traditional card-and-board titles will fund ongoing Web3 expansion, including the forthcoming Pet Land and Boyaa Network launches, while additional Bitcoin deployments will be considered “at an appropriate time” as projects scale.