November 15, 2023

Chinese Gaming Giant, Boyaa Interactive, Unveils $100 Million Investment Plan in Bitcoin and Ethereum

Boyaa Interactive, a major player in the Chinese gaming industry listed on the Hong Kong stock exchange, has officially declared its intent to invest in cryptocurrencies. The focus of the investment will be on leading digital assets such as bitcoin (BTC) and ether (ETH), with a strict cap set at $100 million.

Despite China's persistently restrictive stance on bitcoin and other cryptocurrencies, there is a growing trend of crypto adoption.

Boyaa Interactive, among China's largest gaming companies, recently released an official statement outlining its cryptocurrency investment plan. The company, traded on the Hong Kong stock exchange, is looking to invest primarily in bitcoin (BTC) and ether (ETH), with a clear commitment not to exceed $100 million within the next year.

This strategic move by Boyaa Interactive is being interpreted as a positive signal, suggesting that institutional investors are increasingly drawn to digital assets, contributing to the bullish sentiment in the cryptocurrency market.

According to the company's statement, the cryptocurrencies slated for purchase include BTC, ETH, USDT, and USDC. Boyaa Interactive emphasized that the chosen cryptocurrencies must align with the company's business development and asset allocation strategies, subject to evaluation and approval by its virtual asset management and risk control department.

The company outlined specific criteria for the selected cryptocurrencies, emphasizing qualities such as being issued by the Board of Directors, possessing good market liquidity, boasting a large market capitalization, enjoying widespread market recognition, and demonstrating a relatively long-term holding value.

The allocation of funds is detailed in the statement: approximately $45 million each for the purchase of bitcoin (BTC) and ether (ETH), with an additional budget of no more than $10 million earmarked for Tether (USDT) and USD Coin (USDC).

In August, Boyaa Interactive initially disclosed a $5 million budget for cryptocurrency investments. However, the company has now expressed an increased commitment to crypto adoption, signaling a more substantial allocation of funds for cryptocurrency purchases.

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