Hong Kong-based company Boya Interactive, focusing on game development, has filed documents with the Hong Kong Stock Exchange seeking board approval for a cryptocurrency acquisition plan with a total amount of $100 million. The cost of purchasing cryptocurrencies will be provided by idle cash reserves generated by the group’s Hong Kong and overseas business operations. In a voluntary announcement to purchase cryptocurrencies, the company stated that cryptocurrencies, as a value storage tool, have the potential to resist inflation, supported by a strong public open-source framework, and they hold an optimistic view on its long-term value, believing that now is the right time to buy cryptocurrencies.
The company’s proposed plan is to allocate $45 million to purchase Bitcoin and Ethereum within a specified time frame, as well as allocate $10 million to purchase stablecoins USDT and USDC, using platforms including but not limited to the HashKey Exchange in Hong Kong.
In fact, this is not Boya Interactive’s first time seeking board authorization to purchase cryptocurrencies. Back in August of this year, the company had allocated a budget of $5 million, approved by the board, for purchasing cryptocurrencies (BTC, ETH), but the scale of funding this time is much larger compared to that time.