Boyaa Interactive’s $100 Million Cryptocurrency Investment Plan
Boyaa Interactive, a board and card game company based in China and listed on the Hong Kong Exchanges and Clearing Limited, has announced plans to acquire approximately $100 million worth of cryptocurrency assets, primarily BTC and ETH. This strategic business decision comes as institutional crypto investment rises, with bitcoin and ethereum emerging as major beneficiaries.
The company’s board of directors believes that acquiring crypto assets is vital to bolstering its presence in the Web3 landscape.
According to a document released by the Hong Kong Exchanges and Clearing Limited, Boyaa Interactive has proposed acquiring the assets within a 12-month period, commencing upon the proposal’s passage in the Extraordinary General Meeting (EGM). The company has also stated that a notice for the EGM and any other necessary information as per the listing rules will be sent to the shareholders in the coming days, on or before November 30.
Boyaa is looking to acquire bitcoin, ethereum, Tether (USDT), and USD Coin (USDC), with approximately $90 million to be allocated equally between ETH and BTC, and the remaining $10 million to be used for stablecoin purchases.
The company plans to fund the potential acquisition using its idle cash reserves and will not pay premiums exceeding 10% of the market prices for these digital assets.
Boyaa aims to acquire cryptocurrencies that align with its business development strategies and pass rigorous risk management tests. It seeks to invest in cryptocurrencies with strong market liquidity and significant market values, with bitcoin, ethereum, USDC, and USDT being among the assets with the highest market liquidity.
Reports suggest institutional investors have poured billions into bitcoin and ethereum, looking to take advantage of the long bull season. These large assets have gained massive numbers in institutional investments, making them an attractive investment opportunity for Boyaa Interactive.
### News source: cryptopotato.com