Boyaa Interactive Seeks Approval for Up to $70 Million in Crypto Purchases to Bolster Web3 Strategy

Hong Kong-listed Boyaa Interactive (00434) said its board will seek shareholder approval to authorize the use of idle cash generated from operations to purchase cryptocurrencies, with total purchases capped at $70 million over the next 12 months. The company said the plan is intended to take advantage of opportunities created by the current cryptocurrency market downturn and to increase its crypto holdings in support of its Web3 business development. As of the announcement date, Boyaa Interactive held 4,092 bitcoins at an average purchase price of about $68,200 per bitcoin, 302 ether tokens at an average 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.