HONG KONG - Boyaa Interactive, a renowned gaming company, has announced a significant move into the cryptocurrency space with plans to allocate $100 million toward purchasing digital assets. The initiative, part of a broader strategy to diversify the company's asset allocation and drive business expansion, is awaiting shareholder approval.
In August 2023, Boyaa Interactive first revealed its intentions to integrate cryptocurrency investments into its business model, focusing on Bitcoin as a primary asset. The strategy has evolved, and on Monday, the company detailed its plans to invest $90 million in Bitcoin and Ethereum. An additional $10 million is earmarked for stablecoins Tether and USD Coin. These purchases are intended to be carried out through HashKey Exchange, which operates under the regulation of the Hong Kong Securities and Futures Commission.
The proposed investment mandate, which aims to be executed over the next year, is a significant leap from the board-approved $5 million infusion into BTC and ETH earlier in August 2023. Boyaa Interactive's latest proposal outlines that a detailed circular will be dispatched by the end of November to provide shareholders with comprehensive information regarding the plan.
This strategic pivot towards cryptocurrencies by Boyaa Interactive contrasts with actions taken by other software companies in the industry. For instance, in October 2023, Meitu indicated its plans to sell off its cryptocurrency holdings when market conditions are favorable.
Investors and market watchers are now looking forward to the end of November when further details on Boyaa's cryptocurrency investment strategy will be made available pending shareholder consent.
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