Hong Kong-Listed Giant To Buy Bitcoin, Ether Worth $100M Trending Crypto News

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Boyaa Interactive, a prominent Hong Kong-listed company and a major player in China’s board and card game industry, has announced plans to invest up to $100 million in cryptocurrencies, specifically Bitcoin (BTC) and Ethereum (ETH) over the next 12 months. This decision marks a significant shift in the company’s investment strategy, reflecting the growing interest in digital assets and the regulatory change in Hong Kong.

Boyaa Interactive, renowned for its diverse array of web-based and mobile games, including popular titles in Indonesia like Remi and Cangkulan, has seen a substantial growth trajectory, with recent financials showing a potential 140% profit increase in the first nine months of 2023. The company, with a trailing twelve-month (TTM) revenue of $383.1 million, is positioning itself at the forefront of digital asset investment among gaming companies.

Boyaa Interactive Seeks Approval To Buy Bitcoin And Ether

The company’s Board of Directors has emphasized the strategic importance of this move, stating that the investment in cryptocurrencies is a crucial part of their business development in the Web3 domain. This aligns with their asset allocation strategy, aiming to diversify their holdings and explore new opportunities in the evolving digital landscape. In its official statement, Boyaa Interactive outlined its comprehensive plan, stating:

The Board of Directors sees the acquisition and holding of cryptocurrencies as a pivotal move for the Group’s venture into the Web3 domain and a key part of our asset allocation strategy. The authorization for this purchase will be sought from the Shareholders for the next 12 months.

The proposed cryptocurrency purchase involves a comprehensive plan, with a focus on acquiring Bitcoin and Ethereum, each anticipated to account for roughly $45 million of the investment. An additional $10 million is earmarked for stablecoins USDT and USDC.

The decision to invest in digital assets is not taken lightly by the Board, which seeks shareholder approval for this significant shift in asset allocation. The planned purchases will occur in the open market on regulated and licensed trading platforms, with HashKey Exchange, licensed by the Securities and Futures Commission of Hong Kong, being a primary platform.

Notably, the Hong Kong based company is seeking approval for the next 12 months as it is “not practicable to seek prior approval from the shareholders before each purchase of cryptocurrencies. Accordingly, the board proposes to seek the prior approval of the shareholders to grant the purchase mandate.

For the purchase of Bitcoin and Ether, Boyaa Interactive will use its idle reserves. The decision to allocate a portion of their idle reserve funds to cryptocurrencies is seen as a diversified approach to capital management. “The allocation of part of the Group’s idle reserve funds to cryptocurrencies as a diversified means of holding cash for capital management is also an important arrangement for the Group’s asset allocation,” the official press release states.

This strategic move comes amidst a series of regulatory policies issued by the Hong Kong government since October 2022, showcasing its commitment to fostering a conducive environment for virtual assets and Web3 development. In their official press release, Boyaa Interactive has highlighted the importance of this investment as a part of their broader strategy in developing and operating Web3 games.

At press time, Bitcoin traded at $36,722.

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