Chinese Gaming Giant Announces $100M Investment in Crypto

Boyaa Interactive, a Chinese board and card game enterprise listed on the Hong Kong Exchanges and Clearing Limited, has announced its intention to invest around $100 million in cryptocurrency assets, with a focus on Bitcoin (BTC) and Ethereum (ETH). This move aligns with the growing trend of institutional investments in cryptocurrencies, particularly Bitcoin and Ethereum.

The company’s leadership believes that this investment is a key step in strengthening its position in the Web3 arena. As per a report from the Hong Kong Exchanges and Clearing Limited, Boyaa Interactive plans to complete this acquisition over the next 12 months, starting from the date of approval at the Extraordinary General Meeting (EGM).

The company has informed its shareholders that they will receive a notice regarding the EGM, along with other relevant details, by or before November 30, following an initial announcement made on August 10 about the proposed crypto purchase.

Boyaa Interactive’s investment strategy focuses primarily on Bitcoin and Ethereum, with an estimated $90 million earmarked for these two cryptocurrencies. The remaining $10 million is intended for the acquisition of stablecoins, specifically Tether (USDT) and USD Coin (USDC).

The firm will base its purchase decisions on the current market prices of these cryptocurrencies, ensuring that they do not pay more than a 10% premium over the market rates. The planned investments are expected to be funded through the company’s available cash reserves.

Decisions regarding which cryptocurrencies to buy, their allocation, and the timing of purchases will be made by the company’s board, taking into account market conditions and optimal investment strategies.

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