Gaming company Boyaa plans to invest $100 million to purchase BTC and ETH.
Chinese chess and card game developer and Hong Kong-listed company "Boya Interactive 00434.HK" is seeking board approval to purchase BTC and ETH within the next 12 months.
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Boyaa Plans to Invest $100 Million in BTC and ETH
Boyaa is a well-known Chinese gaming developer that has released games such as Boyaa Texas Poker, Boyaa Fight the Landlord, and Boyaa Sichuan Mahjong.
According to the official announcement, Boyaa believes that purchasing and holding cryptocurrencies is an important measure for the group to layout and develop its business in the Web3 field, and is also an important component of asset allocation.
Therefore, the Boyaa board has sought approval from shareholders to purchase authorization and will purchase cryptocurrencies in the next 12 months, with a total amount not exceeding $100 million as a principle.
Allocation of purchases:
$45 million in BTC
$45 million in ETH
$10 million in USDT and USDC
Related terms:
The premium paid for the purchase of coins shall not exceed 10% of the market price.
Payment will be made from idle cash of Boyaa Group's Hong Kong and overseas business operations.
Transactions will be conducted on regulated trading platforms in the public market, including but not limited to HashKey Exchange.
HashKey Exchange in Hong Kong will open retail trading, promote zero transaction fees, and launch trading mining activities
Following the Example of "Meitu"? Boyaa Announced Buying Cryptocurrency in August
According to Investing.com, Boyaa had announced in August that it planned to invest $5 million in cryptocurrency, but after three months, this number increased twentyfold.
The well-known photo editing app group Meitu also bought ETH and BTC three times during the 2021 crypto bull market, with a total investment of about $100 million, and recognized tens of millions of dollars in losses in March this year.
However, as the crypto market continued to rise month by month, Meitu also benefited from this in its subsequent financial reports.
Meitu Group Turns Losses into Profits in the First Half of the Year, Thanks to the Rise in Cryptocurrencies