Boyaa Interactive Ventures into Crypto with an Ambitious $100 Million Investment Plan
TLDR:
- Hong Kong-based online game developer Boyaa Interactive plans to invest up to $100 million in cryptocurrencies over the next year, signaling a strategic move into the crypto market.
- The firm, pending shareholder approval, intends to allocate $90 million to major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), with an additional $10 million allocated to stablecoins Tether (USDT) and USD Coin (USDC).
- Boyaa Interactive’s crypto purchases will be executed through HashKey Exchange, a licensed crypto entity operating under the Hong Kong Securities and Futures Commission, ensuring a regulated entry into the crypto space.
- This isn’t Boyaa Interactive’s first crypto venture. In August 2023, the company’s board had approved a $5 million budget allocation for the purchase of BTC and ETH, aligning with the company’s and shareholders’ interests.
- Boyaa Interactive’s move follows a trend in the Chinese tech industry, with Meitu announcing its plans to divest cryptocurrency holdings. The industry sees a shifting perspective on strategically managing crypto assets.
Publicly traded online game developer Boyaa Interactive is set to make waves in the crypto market.
The firm recently disclosed its intention to make a substantial investment, with plans to purchase up to $100 million worth of cryptocurrencies over the next 12 months.
The Crypto Voyage Begins
In a filing with the Hong Kong Stock Exchange, Boyaa Interactive outlined its strategic move into the world of digital assets.
The company sees cryptocurrencies as a natural fit for its web3 business model, deeming them an “important part of the group’s asset allocation strategy.”
Cryptocurrency Allocation Plan
Pending approval from its shareholders, Boyaa Interactive aims to allocate the majority of its investment, up to $90 million, into two major cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH).
The remaining $10 million is earmarked for stablecoins, with Tether (USDT) and USD Coin (USDC) being the chosen assets.
Strategic Partner: HashKey Exchange
The execution of Boyaa’s crypto purchases is expected to be facilitated through HashKey Exchange, a licensed crypto entity operating under the Hong Kong Securities and Futures Commission.
This strategic partnership ensures a compliant and regulated entry into the crypto space.
A Repeat Performance
This isn’t Boyaa Interactive’s inaugural venture into the crypto realm. In a prior announcement in August 2023, the company’s board of directors had greenlit the allocation of up to $5 million from the firm’s budget for the purchase of BTC and ETH.
The move was justified by citing the alignment of crypto investments with the interests of the company and its shareholders.
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