Ethereum

Bitcoin

Million

Boyaa Interactive, a major player in China's board and card game industry, has announced ambitious plans to invest up to $100 million in cryptocurrencies, specifically Bitcoin (BTC) and Ethereum (ETH) over the next year.  
This strategic move reflects the company's response to the growing interest in digital assets and recent regulatory changes in Hong Kong.  
Known for its diverse web-based and mobile games, including popular titles like Remi and Cangkulan in Indonesia, Boyaa Interactive has experienced significant growth, projecting a potential 140% profit increase in the first nine months of 2023.  
With a trailing twelve-month revenue of $383.1 million, the company is positioning itself as a pioneer in digital asset investment within the gaming industry.  
The Board of Directors at Boyaa Interactive underscores the strategic importance of this decision, highlighting cryptocurrency investment as a crucial element of their business development in the Web3 domain.  
This move aligns with their asset allocation strategy, aiming to diversify holdings and explore opportunities in the evolving digital landscape. In an official statement, Boyaa Interactive outlined their comprehensive plan, stating:  
<blockquote class="wp-block-quote">
 "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." 
</blockquote>  
The proposed investment plan focuses on acquiring Bitcoin and Ethereum, with each cryptocurrency expected to account for approximately $45 million of the total investment. An additional $10 million is earmarked for stablecoins USDT and USDC.  
Acknowledging the significance of this shift, the Board is seeking shareholder approval for the decision to invest in digital assets.  
The planned purchases will take place on regulated and licensed trading platforms, with HashKey Exchange, licensed by the Securities and Futures Commission of Hong Kong, being a primary platform.  
Given the dynamic nature of the crypto market, Boyaa Interactive is seeking approval for the next 12 months, emphasizing that seeking prior approval before each purchase is not practical.  
The decision to allocate a portion of idle reserves to cryptocurrencies is viewed as a diversified approach to capital management, as stated in the official press release:  
<blockquote class="wp-block-quote">
 "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." 
</blockquote> 
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This Major Chinese Company Plans to Invest $100 Million in Bitcoin and Ethereum

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