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Hong Kong Gaming Company Boyaa Interactive Seeks Approval to Buy $100M in Crypto to Boost Web3 Strategy
The company's plan highlights Hong Kong's rising profile as a digital asset hub.
Updated Nov 15, 2023, 5:07 p.m. Published Nov 15, 2023, 5:07 p.m.
Boyaa Interactive, a Chinese gaming company listed on the Hong Kong Stock Exchange, unveiled plans this week to potentially buy up to $100 million worth of cryptocurrencies, mostly bitcoin [BTC] and ether [ETH] within a year.
"[The] purchase and holding of cryptocurrencies is a pivotal move for the Group to path its business layout and development in the field of Web3," the company said in a stock exchange filing released Monday. "The online gaming business has high compatibility with Web3 technology, and its focus on communities, users and virtual assets may enable an easier and wider application of Web3 technology to the online gaming industry."
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Boyaa outlined a plan to allocate $45 million to acquire BTC, $45 million to ETH and the remaining $10 million to Tether's [USDT] and Circle's [USDC] stablecoins within a 12-month period. The company said it will fund the purchases with cash and the buys are subject to market conditions.The company's board is seeking its shareholders' approval of the plan, and will dispatch details on or before Nov. 30, according to the filing.
The $100 million crypto acquisition is a substantial amount for the company, constituting roughly 38% of its total assets, the filing said.
Boyaa's digital asset plan highlights Hong Kong's rising ambition as a global hub for crypto and Web3 industries. Local authorities rolled out a new digital asset regulatory regime this year, accepting applications for crypto trading platform licenses and started allowing exchanges to serve retail customers.
Read more: What New York Can Learn From Hong Kong in Regulating Crypto
"In view of the virtual assets’ attraction to global investors and the future opportunities that will be opened up as virtual assets move into the field of Web3, the Hong Kong Government has been committed to providing a facilitating environment for promoting the sustainable development of virtual asset transactions, " the company said in the filing.
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