Boyaa Interactive’s Major Crypto Leap
Chinese publicly traded online game developer Boyaa Interactive is gearing up for a significant foray into the cryptocurrency market. According to a recent filing with the Hong Kong Stock Exchange, Boyaa has disclosed its ambitious plan to allocate up to $100 million in cryptocurrencies over the next year.
Aligning with Web3 Business Strategy
In the statement issued on November 13, Boyaa elaborated that the acquisition of digital currencies is a key component of the firm’s asset allocation strategy, aligning closely with its Web3 business objectives. This move indicates a broader acceptance and integration of cryptocurrencies in mainstream business strategies.
Diversification into Bitcoin and Ethereum
Upon receiving shareholder approval, Boyaa intends to invest approximately $90 million in two major cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). The company also plans to allocate around $10 million towards stablecoins such as Tether (USDT) and USD Coin (USDC), thereby diversifying its crypto portfolio.
Partnering with HashKey Exchange
The procurement of these digital assets is expected to be facilitated through HashKey Exchange, a licensed cryptocurrency entity under the Hong Kong Securities and Futures Commission. This collaboration signifies a compliance-focused approach to crypto investments.
Boyaa’s Continued Crypto Endeavors
This isn’t Boyaa’s first venture into the cryptocurrency realm. Earlier in August 2023, the firm had allocated $5 million for purchasing BTC and ETH. This consistent investment strategy underscores Boyaa’s confidence in the long-term value of cryptocurrencies.
Contextualizing with Industry Trends
Boyaa’s decision comes at a time when other Chinese companies are reevaluating their cryptocurrency strategies. For instance, in mid-October 2023, crypto.news reported that Meitu, another Chinese tech giant, was considering selling its crypto holdings, which it had been accumulating for around two years. This contrast in approaches highlights the dynamic and evolving nature of corporate investment in digital currencies.