Boyaa Interactive Seeks Approval for Up to $70 Million in Crypto Purchases

Boya Interactive (00434) said its board will propose seeking shareholder approval to authorize the use of idle cash generated from operations to purchase cryptocurrencies over the next 12 months, with a total cap of $70 million. The company said the plan is intended to take advantage of opportunities amid the current crypto market downturn by selectively increasing its digital-asset holdings and supporting the development of its Web3 business. As of the announcement date, Boyaa reported holdings of 4,092 bitcoins at an average purchase price of about $68,200 per coin, 302 ether tokens at an average of about $1,661 per token, and roughly 7,000,700 USDT tokens. The board said any purchases would be executed on regulated trading platforms to help ensure liquidity and security.