Boyaa Interactive Plans Up to $70 Million Crypto Buy to Bolster Web3 Push

BoYa Interactive (00434.HK) said its board will seek shareholder approval for a mandate allowing the company to use idle cash generated from operations to purchase cryptocurrencies, with total spending capped at $70 million over the next 12 months, according to ChainCatcher. The company said the plan is intended to take advantage of opportunities in the current crypto market downturn by increasing its holdings to support the development of its Web3 business. As of the announcement date, BoYa Interactive held 4,092 bitcoins at an average cost of about $68,200 each, 302 ether tokens at an average cost of about $1,661 each, and roughly 7,000,700 USDT. The board said any purchases would be executed on regulated trading platforms to help ensure liquidity and security.