Boyaa Interactive, a major Chinese board game company listed on the Hong Kong Exchanges, aims to acquire $100M in digital assets. The emphasis will be on major cryptocurrencies, particularly Bitcoin (BTC) and Ethereum (ETH). Moreover, this aligns with the trend of institutions entering the crypto space, benefiting Bitcoin and Ethereum.
Additionally, the company’s board of directors emphasizes the significance of entering the Web3 landscape. They justify the acquisition of crypto assets as a pivotal step in reinforcing the company’s position.
Notably, as per documents released by the Hong Kong Exchanges and Clearing Limited, Boyaa Interactive aims to execute this acquisition over a 12-month period, starting upon approval in the Extraordinary General Meeting (EGM).
Boyaa Interactive Announces EGM Notice for Cryptocurrency Investment Plan
An EGM notice, along with pertinent details per listing rules, is slated for dispatch to shareholders by November 30. Furthermore, referring to an earlier voluntary announcement on August 10, the document outlines Boyaa’s intent to purchase cryptocurrencies.
Subsequently, the substantial investment will primarily target Bitcoin and Ethereum, with around $90 million distributed equitably between them. The remaining $10 million is earmarked for stablecoins such as Tether (USDT) and USD Coin (USDC).
Crucially, Boyaa emphasizes that acquisitions will depend on current market prices, with a cap of 10% above market rates. Funding for this potential acquisition will be sourced from Boyaa’s available cash reserves.
The board assumes responsibility for determining the cryptocurrencies to be acquired, their allocation ratios, and the optimal timing for purchases.
Boyaa Interactive’s Crypto Strategy: Bitcoin and Ethereum Focus, Emphasis on Liquidity and Institutional Trends
Furthermore, Boyaa Interactive emphasizes its strategic choice of Bitcoin and Ethereum, aligning them with the company’s business development strategies. Conversely, this decision is contingent upon rigorous risk management assessments.
Boyaa is particularly interested in investing in cryptocurrencies that exhibit robust market liquidity and substantial market values. Notably, among the most liquid assets, Bitcoin, Ethereum, USDC, and USDT stand out as Boyaa’s preferred choices.
Notably, the document highlights the recent surge in institutional investments in major assets like BTC and ETH, suggesting a strategic move by institutional investors to capitalize on the prolonged bullish market trend.
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