Boyaa Interactive International Limited, a Hong Kong-based game developer, is planning to invest up to $100 million into cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and USD Coin (USDC).
In a recent press release, the Hong Kong-listed company noted that it is seeking approval from shareholders to acquire the cryptocurrencies within 12 months.
Boyaa to Purchase Cryptocurrencies Worth $100M
As stated in the release, Boyaa plans to invest most of the $100 million into BTC and ETH, with a division of $45 million each for both crypto assets. The remainder of the fund, worth $10 million, will be invested in stablecoins, including USDT and USDC.
Boyaa noted that the $100 million investment will be sourced from the company’s idle reserves, and the cryptocurrencies will be purchased in the open market through authorized and licensed trading platforms in Hong Kong.
The company described using its idle reserves to invest in cryptocurrencies as a diversified means of capital management.
“The allocation of part of the Group’s idle reserve funds to cryptocurrencies as a diversified means of holding cash for capital management is also an important arrangement for the Group’s asset allocation,” Boyaa said.
Foraying Into Web3
Boyaa stated that the latest move to invest in cryptocurrencies is part of the company’s broader plan to enter the Web3 field and an asset allocation strategy.
“The Board of Directors sees the acquisition and holding of cryptocurrencies as a pivotal move for the Group’s venture into the Web3 domain and a key part of our asset allocation strategy,” the company said.
Meanwhile, this is not the first time Boyaa will be announcing plans to invest in cryptocurrencies. In August, the company revealed it received a $5 million budget approval from its board of directors to purchase BTC and ETH within the upcoming year.
At the time, the game developer also mentioned that its decision to purchase cryptocurrencies was aimed at strengthening its layout in the Web3 field.
