Recently disclosed in a regulatory statement, Hong Kong-based Boyaa Interactive International Limited announced its plan to acquire cryptocurrency assets valued at up to $100 million. This publicly listed entity, known for developing and managing online card and board games through its various subsidiaries, aims to channel some investments into bitcoin (BTC), ethereum (ETH), and two stablecoin assets.
Boyaa’s Strategic Play: $100 Million in Crypto to Bolster Balance Sheet
With the ambition of joining the ranks of publicly traded companies incorporating crypto assets into their balance sheets, Boyaa Interactive has released details of a forthcoming acquisition. Listed on the Hong Kong Stock Exchange with the ticker 0434.HK, the company’s stock witnessed a 7% increase on Wednesday morning Eastern Time. Established in 2004, Boyaa Interactive’s forte lies in creating and operating a broad range of web and mobile games.
The gaming firm’s portfolio includes popular games like Mahjong Games, Texas Hold’em, Ant Wars, Chinese Chess, Fight the Landlord, Boyaa Ball Pool, and Big Two Poker. The planned crypto acquisition is a key part of Boyaa’s strategy for growth and expansion into the realm of Web3. Currently valued at approximately $52.7 million, Boyaa Interactive intends to add BTC, ETH, USDT, and USDC to its financial reserves. The company’s filing indicates that the $100 million investment is a strategic move in line with its Web3 objectives.
According to the company’s filing, “The cryptocurrencies that the group intends to purchase under the acquisition mandate will consist mainly of bitcoin (BTC) and ether (ETH). It is currently expected that the company will use approximately US$45 million to acquire BTC and ETH.”
The filing notes that Boyaa’s board has sanctioned this deal, with purchases planned on reputable, regulated, and licensed trading platforms in the open market. The gaming firm highlighted Hashkey Exchange as one of the crypto exchanges to be utilized. Additionally, Boyaa has established a “specialized supervisory team” focused on overseeing the crypto investments. In its detailed explanation, Boyaa emphasized that the online gaming industry “has high compatibility with Web3 technology.”
What do you think about Boyaa’s decision to add bitcoin and other crypto assets to its balance sheet? Share your thoughts and opinions about this subject in the comments section below.