Boyaa Interactive to Invest $100 Million in Bitcoin and Ethereum
Boyaa Interactive, a major player in China’s board and card game industry, has announced plans to invest up to $100 million in cryptocurrencies over the next 12 months. The company, known for its diverse array of web-based and mobile games, including popular titles in Indonesia like Remi and Cangkulan, has seen substantial growth with recent financials showing a potential 140% profit increase.
Seeking Approval for Cryptocurrency Purchase
The company’s Board of Directors emphasized the strategic importance of this move, stating that the investment in cryptocurrencies is a crucial part of their business development in the Web3 domain. They are seeking shareholder approval for this significant shift in asset allocation. The proposed cryptocurrency purchase involves a comprehensive plan, with a focus on acquiring Bitcoin and Ethereum, each anticipated to account for roughly $45 million of the investment. An additional $10 million is earmarked for stablecoins USDT and USDC.
Regulatory Changes
This strategic move comes amidst a series of regulatory policies issued by the Hong Kong government since October 2022, showcasing its commitment to fostering a conducive environment for virtual assets and Web3 development. In their official press release, Boyaa Interactive has highlighted the importance of this investment as a part of their broader strategy in developing and operating Web3 games.
Hot Take: Diversifying Investments
Boyaa Interactive’s decision to invest $100 million in Bitcoin and Ethereum over the next year reflects the growing interest in digital assets and regulatory changes in Hong Kong. This strategic move aligns with their business development plans within the Web3 domain, positioning them at the forefront of digital asset investment among gaming companies.
By
By
By
By
By