Chinese Game Company Boyaa Interactive Plans to Acquire $100 Million in Crypto Assets

According to CryptoPotato, Boyaa Interactive, a Chinese board and card game company listed on the Hong Kong Exchanges and Clearing Limited, plans to acquire approximately $100 million worth of cryptocurrency assets, primarily Bitcoin (BTC) and Ethereum (ETH). This strategic decision comes as institutional crypto investment increases, with BTC and ETH emerging as major beneficiaries. The company's board of directors believes that purchasing crypto assets is crucial for strengthening its presence in the Web3 landscape. Boyaa Interactive has proposed acquiring the assets within a 12-month period, starting upon the proposal's approval at the Extraordinary General Meeting (EGM). Boyaa has stated that a notice for the EGM and any other necessary information as per the listing rules will be sent to shareholders in the coming days, on or before November 30. The company plans to allocate approximately $90 million equally between ETH and BTC, with the remaining $10 million used to purchase stablecoins Tether (USDT) and USD Coin (USDC). The potential acquisitions will depend on bidding and asking prices for cryptocurrencies in the open market, and Boyaa does not intend to pay premiums exceeding 10% of the market prices for these digital assets. The company plans to fund the potential acquisition using its idle cash reserves, with the board determining which cryptocurrencies to acquire, their respective allocation ratios, and the optimal purchase timing. In the documentation, Boyaa has emphasized its investment in Bitcoin and Ethereum, providing insights into its rationale. The company aims to acquire cryptocurrencies that align with its business development strategies and pass rigorous risk management tests. Additionally, Boyaa seeks to invest in cryptocurrencies with strong market liquidity and significant market values. Notably, Bitcoin, Ethereum, USDC, and USDT are among the assets with the highest market liquidity. Recently, large assets such as BTC and ETH have seen significant growth in institutional investments, with reports suggesting institutional investors have poured billions into the two major crypto assets.