Chinese Game Developer Linekong Interactive Plans to Invest $6 Million in Bitcoin and Ethereum
Linekong Interactive, a Chinese public game developer, has announced its intention to purchase $6 million worth of Bitcoin (BTC) and Ethereum (ETH). The company recently filed a proposal with the Stock Exchange of Hong Kong to revise its previously approved transaction, which initially allowed for up to $5 million in crypto investments. Linekong Interactive seeks to increase this cap due to the rapid surge in cryptocurrency prices.
According to Linekong Interactive, these revisions will provide the company with the flexibility to seize opportunities in the highly volatile crypto market.
Approval from shareholders is required before Linekong Interactive can proceed with the investment. The company will also need to comply with various provisions, including reporting, announcement, circular, and independent shareholders’ approval requirements. A circular containing detailed information about the proposal is expected to be disclosed to shareholders by February 2, 2024.
Hong Kong-Based Companies Enter the Crypto Space
This move by Linekong Interactive reflects a growing trend among Hong Kong-based public companies venturing into the cryptocurrency space. Back in November 2023, crypto.news reported that Boyaa Interactive, an online game developer, had expressed its intention to invest up to $100 million in crypto. Boyaa plans to allocate $90 million in Bitcoin (BTC) and Ethereum (ETH), while the remaining $10 million will be invested in stablecoins Tether (USDT) and USD Coin (USDC).
Hot Take: Expanding Crypto Investments Signals Growing Confidence in Digital Assets
The decision of Linekong Interactive to increase its crypto investments demonstrates a growing confidence in digital assets within the gaming industry. As cryptocurrency prices continue to rise, companies are recognizing the potential for significant returns on their investments. This trend is not limited to Linekong Interactive, as other Hong Kong-based companies like Boyaa Interactive have also expressed their interest in allocating substantial funds to cryptocurrencies. As more businesses enter the crypto space, it further legitimizes the industry and strengthens its position as a viable investment option. This growing acceptance and adoption of cryptocurrencies by mainstream companies could have a positive impact on the overall market and contribute to its continued growth.
By
By
By
By