According to ChainCatcher, BoYa Interactive (00434.HK), a Hong Kong-listed company, has announced that its board of directors 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 by 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 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 conduct these cryptocurrency purchases on regulated trading platforms to ensure market liquidity and security.
Boyaa Interactive to Spend Up to $70 Million on Cryptocurrency to Expand Web3 Business
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Summary
Boyaa Interactive (00434.HK) plans to spend up to $70 million on cryptocurrency over the next year to expand its Web3 business. The company aims to capitalize on the current crypto price decline to increase its holdings. As of now, it holds 4,092 BTC, 302 ETH, and 7,000,700 USDT. Purchases will be conducted on regulated platforms to ensure security. This move could influence key altcoins to watch as the firm seeks to diversify its digital asset portfolio.
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