Chinese Game Company Boyaa to Splash $100M on BTC, ETH, and Stablecoins

Hong Kong-listed game company Boyaa Interactive has announced plans to spend $100 million to buy cryptocurrencies.

Chinese online card game maker Boyaa Interactive is the latest public company seeking broad exposure to the world of crypto assets. A company update published Tuesday shows that Boyaa Interactive’s board of directors has earmarked $100 million to purchase cryptocurrencies over the next 12 months. 

Boyaa’s latest proposal is pending approval from the company’s shareholders. The request seeks to ensure that a $100 million capital outlay is readily available instead of seeking “prior shareholder approval for each purchase.” 

If approved, a significant portion of the funds would go towards acquiring Bitcoin (BTC) and Ether (ETH), the largest cryptocurrencies by market cap. Boyaa plans to allocate $45 million to each of the two assets (making a combined $90 million), with a further $10 million to purchase stablecoins, Tether (USDT), and USD Coin.

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In August, the company’s board of directors approved the purchase of $5 million worth of crypto assets in the coming year. The latest proposal would likely further augment the earlier amount delegated for crypto purchases.

Boyaa Aims to Evolve With The Times

Boyaa outlines the latest move as part of broader efforts to integrate with the fast-growing Web3 ecosystem. The company chose Bitcoin and Ethereum because of their appeal as long-term investment options. The choice of investing in stablecoins provides the company with direct exposure to the U.S. dollar and even greater stability.

Notably, Boyaa did not disclose whether it would invest in assets other than BTC and ETH in the future. Yet, the company’s enthusiasm for growing its presence in the Web3 and crypto world underlines its commitment to evolving with the times. 

Boyaa Interactive launched in 2004 and has enjoyed a good financial standing in the past few years. The company reported an impressive 119% increase in year-on-year (YoY) net profits in the first quarter of 2023. Investing in the cryptocurrency market provides yet another opportunity for the company to further maximize its revenue.

Meanwhile, Boyaa’s latest move would add the company to a prestigious list of public companies with exposure to crypto assets. Other popular names include U.S.-based firms MicroStrategy and Tesla. Meitu, a Chinese tech firm, is also on the list of Asian companies with millions of dollars in crypto exposure.