The post Hong Kong Gaming Giant, Boyaa Interactive, Seeks Shareholder Approval for $100 Million Crypto Investment appeared first on Coinpedia Fintech News
Hong Kong-based gaming giant Boyaa Interactive International Limited is making waves by proposing a significant cryptocurrency investment. The company has set its sights on allocating up to $100 million for crypto acquisitions, particularly in Bitcoin (BTC), Ethereum (ETH), and stablecoins.
This move represents a notable departure from the typical investment strategies of companies in China and, if approved, could mark a pivotal moment for Boyaa Interactive. As one of the region’s leading gaming companies, their foray into the crypto space emphasizes the growing importance of digital assets.
The proposal, currently awaiting approval from the company’s shareholders, aims to establish a $100 million capital reserve dedicated to crypto investments. Boyaa Interactive seeks to streamline the process by avoiding the need for prior shareholder approval for each crypto purchase.
According to the Hong Kong Stock Exchange announcement, the board of directors at Boyaa Interactive views cryptocurrency investment as a crucial measure for the group’s business expansion in the Web3 field. The move aligns with their broader asset allocation strategy.
The company plans to split the investment, with $45 million allocated to Bitcoin and Ethereum, which comprise the majority of the proposed funds. This strategic move indicates Boyaa Interactive’s confidence in the long-term potential of these leading cryptocurrencies.
The board of directors expressed that cryptocurrency’ acquisition and retention are integral to their business development strategy. Seeking approval from shareholders reflects Boyaa Interactive’s commitment to transparency and adherence to corporate governance standards.
Earlier in August, Boyaa Interactive revealed plans for a $5 million budget to acquire cryptocurrencies on regulated and licensed trading platforms within the upcoming year. The chosen cryptocurrencies primarily include Bitcoin and Ethereum. Boyaa Interactive did not disclose whether it would explore future investments in assets beyond Bitcoin and Ethereum.