BTC -0.56%
ETH 2.96%
SOL 0.18%
PEPE 7.79%
SHIB 2.49%
BNB 1.82%
DOGE 2.49%
XRP -1.90%
TG Casino
powered by $TGC

Hong Kong-Listed Boyaa Interactive Seeks Shareholder Approval for $100 Million Crypto Investment

Jai Pratap
Last updated: | 1 min read
Source: Pixabay

Hong Kong-based E-gaming giant Boyaa Interactive International Limited is seeking shareholder’s approval for purchasing $100 million worth of crypto in the next 12 months.

According to an announcement from the Hong Kong Stock Exchange, the board of directors of Boyaa Interactive, a Hong Kong-listed company, stated that purchasing and holding cryptocurrency is an important measure for the group’s business layout and development in the Web3 field.

Crypto investment is also an important part of the group’s asset allocation strategy, the company said.

Boyaa Interactive Looking to Buy Bitcoin and Ethereum

As per the announcement, after thorough consideration, the board of directors has formally proposed seeking prior approval from shareholders to grant purchase authorization, empowering the board to acquire cryptocurrency within a 12-month period.

This timeframe begins from the date on which the ordinary resolution, related to both the authorization and potential cryptocurrency purchases, is duly passed by the Extraordinary General Meeting (EGM). The total purchase amount for potential cryptocurrency acquisitions within this period is capped at $100 million.

Earlier on August 11, Hong Kong-listed company Boyaa Interactive disclosed that its board of directors had greenlit a $5 million budget for the group to acquire cryptocurrencies on regulated and licensed trading platforms within the upcoming year, starting from the announcement date.

The selected currencies primarily include Bitcoin (BTC) and Ethereum (ETH). The funding sources for these cryptocurrency acquisitions stem from the cash reserves generated by the group’s operations, spanning both Hong Kong and overseas.