Odaily Planet Daily reports: Boya Interactive (00434) has announced that the board recommends seeking shareholder approval to grant an authorization to purchase potential cryptocurrencies using idle cash reserves generated from the company’s business operations, with a total amount not exceeding $70 million over the next 12 months. This move aims to capitalize on opportunities during the current downturn in the cryptocurrency market, appropriately increasing cryptocurrency holdings to further support the company’s Web3 business development.
As of the announcement date, the company holds a total of 4,092 bitcoins with an average unit price of approximately $68,200; 302 ether tokens with an average unit price of approximately $1,661; and approximately 7,000,700 USDT tokens. The board plans to purchase these cryptocurrencies on regulated trading platforms to ensure market liquidity and security.