Boyaa Interactive, a Hong Kong-listed gaming company, reported a projected net loss of HK$470 million to HK$500 million for Q1 2026, marking a 110-120% increase from the previous year's HK$224 million loss. The significant loss is attributed to Bitcoin's 23.8% price drop during the quarter, which impacted the company's Bitcoin-only treasury strategy. Despite the downturn in its crypto holdings, Boyaa's core gaming business showed improved profitability. However, the volatility of Bitcoin overshadowed these gains, highlighting the risks of tying corporate finances to cryptocurrency. This trend is not isolated, as other companies like Strategy also reported substantial losses due to Bitcoin's price fluctuations.