Boyaa to Spend $90 mn on BTC, ETH
China’s largest board and card game company, Boyaa Interactive, plans to spend $100 million on purchasing cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) over the next 12 months.
The Hong Kong-listed company is part of a list of public companies seeking entry into the digital asset sector. The board of directors has crafted the initiative to acquire digital assets, which is currently pending shareholder approval.
The board of directors is ensuring the $100 million fund is readily available and can reduce “prior shareholder approval for each purchase.” The approval will see a large selection of funds used for acquiring BTC and ETH, with $45 million allocated to the two largest cryptocurrencies by market cap, and $10 million used by Boyaa to purchase stablecoins like Tether and USD. This move follows a year-long crypto winter for the digital asset sector in 2022.
(With inputs from Shikha Singh)
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