China’s Boyaa Approves $100 Million Crypto Purchase Plan

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• 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

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.