Chinese Game Developer Boyaa Plans to Buy Bitcoin and Ethereum: Here are the Details!

  • Boyaa Interactive, a publicly traded online game developer in China, is gearing up to delve deep into the crypto market.
  • The company, focusing on the Web3 business, stated that digital currencies are ‘an important part of the group’s asset allocation strategy.’
  • In August 2023, Boyaa announced that it had approved the purchase of BTC and ETH using part of the board’s budget.

According to an application made to the Hong Kong Stock Exchange, Chinese company Boyaa plans to invest in Bitcoin and Ethereum.

Boyaa to Invest in Bitcoin and Ethereum

Bitcoin-Ethereum

According to an application made to the Hong Kong Stock Exchange, Boyaa Interactive, a publicly traded online game developer in China, is preparing to delve deep into the crypto market. In a document published on November 13, Boyaa revealed plans to purchase up to $100 million worth of cryptocurrencies within the next 12 months.

The company, focusing on the Web3 business, stated that digital currencies are ‘an important part of the group’s asset allocation strategy.’ Once it obtains shareholder approval, Boyaa plans to allocate $90 million to cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), with the remaining $10 million earmarked for stablecoins like Tether (USDT) and USD Coin (USDC).

The crypto purchases will be conducted through HashKey Exchange, one of the few crypto assets licensed under the Hong Kong Securities and Futures Commission.

Boyaa has reported this before

This is not the first time Boyaa has added cryptocurrency to its balance sheet. In August 2023, Boyaa announced that it had approved the purchase of BTC and ETH using part of the board’s budget and emphasized that cryptocurrencies align with the interests of the company and shareholders.

In mid-October 2023, COINOTAG reported that Meitu, a publicly traded software development company in China, revealed plans to sell its crypto assets ‘at an appropriate time’ after holding BTC and ETH in its balance sheet for about two years.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Bitcoin Surges Past $98,000, Achieves New All-Time High and Dominance at 61.84%

COINOTAG News reports that on November 21st, Bitcoin achieved...

Bitcoin Reaches Record High of $98,112 in PERP-BTC, Surging 40% in November

Bitcoin hits new ATH, touching $98,112 in PERP-BTC! Surges...

Inactive Bitcoin Address Emerges After 10 Years with 21 BTC Worth $2.04 Million

On November 21st, COINOTAG News reported a significant event...

Bitcoin’s Dominance Soars as Cryptocurrency Market Surpasses $3.15 Trillion in Total Value

Cryptocurrency Market's Total Value Reaches $3.15 Trillion, Bitcoin Dominance...

SUI Blockchain Experiences 1 Hour and 23 Minutes of Downtime: Impact on $SUI Token Value

SUI Blockchain Has Been Down for 1 Hour and...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img