Hong Kong-listed company 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 initiative aims to capitalize on opportunities during the current downturn in the cryptocurrency market by appropriately increasing cryptocurrency holdings to further support the company’s Web3 business development. As of the date of this announcement, the company holds a total of 4,092 bitcoins with an average purchase price of approximately $68,200 each; 302 ether tokens with an average purchase price of approximately $1,661 each; and approximately 7,000,700 USDT. The board plans to execute these cryptocurrency purchases on regulated trading platforms to ensure market liquidity and security.
Boyaa Interactive to Allocate Up to $70 Million for Cryptocurrency Purchases to Enhance Web3 Operations
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Summary
Boyaa Interactive (00434.HK) plans to seek shareholder approval for a $70 million cryptocurrency purchase fund over the next 12 months, utilizing idle cash. The company currently holds 4,092 BTC, 302 ETH, and 7,000,700 USDT. It will acquire cryptocurrencies on regulated platforms to expand its holdings during market downturns and support Web3 growth. Altcoins to watch may benefit from this strategy as the company aims to capitalize on cryptocurrency price dips.
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