Boyaa Interactive International Limited, the largest developer and operator of chess and card games in China and a Hong Kong-listed company, has announced that it will use $5 million to purchase cryptocurrencies, including Bitcoin (BTC) and Ethereum (Ether).
Bolstering Its Web3 Position
In a statement on August 10, Boyaa stated that the decision to purchase the cryptocurrencies is in line with the company’s and shareholders’ overall interests and is aimed at strengthening its layout in the emerging Web3 field.
“The purchases of cryptocurrencies are for the consideration of the Group’s future business layout into the field of Web3. The Board is of the view that the purchases of cryptocurrencies (including mainly Bitcoin (BTC) and Ether (ETH)) by the Group are in the interests of the company and its shareholders as a whole,” Boyaa said in a letter.
The company mentioned that it would “mainly” purchase the cryptocurrencies through authorized and licensed trading platforms “in the coming year.”
Boyaa noted that the $5 million committed to purchase the crypto assets is being sourced from cash reserves generated by the Group’s operations in Hong Kong and overseas.
Adhering to Relevant Control Policies
While acknowledging the potential of cryptocurrencies, Boyaa is taking a cautious approach toward engaging with the asset class. Being aware of crypto’s volatile nature and market conditions, Boyaa assured shareholders and potential investors that the company will strictly abide by the control policies related to cryptocurrencies in relevant jurisdictions.
“The company will comply with the relevant disclosure requirements for the group’s trading of cryptocurrencies in the securities listing rules of the Hong Kong Stock Exchange Limited,” the company concluded.
Founded in 2004, Boyaa is a Hong Kong-based investment holding company specializing in developing and operating online card and board games. These games include Texas Hold ’em, Fight the Landlord, Big Two Poker, Chinese Chess, Mahjong Games, Boyaa Ball Pool, Ant Wars, and Happy Babies. The company’s games span multiple languages, including Chinese, Thai, Indonesian, German, French, English, and Turkish.
