Boyaa Interactive Advances into Cryptocurrency with a $100 Million Acquisition Mandate

blockchain.news:

Boyaa Interactive International Limited, a distinguished online card and board game developer based in Hong Kong, is advancing into the cryptocurrency realm. Since its founding in 2004 and subsequent listing on the Hong Kong Stock Exchange in 2013, Boyaa has established a robust presence in the gaming industry, offering popular titles like Texas Hold’em and Chinese Chess​​​​.

In a significant strategic pivot, Boyaa Interactive plans to invest up to $100 million in cryptocurrencies. This decision is part of the company's broader strategy to integrate its business model with the evolving Web3 landscape. Emphasizing the importance of digital asset management, Boyaa's Board views this move as a pivotal step towards future growth and innovation in the digital economy.

The Board has proposed an Acquisition Mandate, pending shareholder approval, to facilitate cryptocurrency acquisitions over the next 12 months. The focus will primarily be on acquiring mainstream cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), along with a certain allocation for stablecoins like Tether USD (USDT) and USD Coin (USDC). This approach is designed to align with the company’s asset allocation strategy and its push into Web3 technologies​​.

Boyaa's financial trajectory, as evidenced by its positive annual results in both 2020 and 2022, positions it well for this venture. The company has shown a considerable increase in net profit, indicating a stable financial base to support its cryptocurrency endeavors. Despite the potential benefits, the Board acknowledges the risks associated with the volatile cryptocurrency market. Investments will be executed on regulated platforms, and the company has established a specialized supervisory team to