Boyaa Interactive, a company listed on the Hong Kong Stock Exchange, announced its intent to incorporate cryptocurrency into its business structure to tap into the development potential of Web3 field. The company's board of directors considers this acquisition of digital assets as a crucial component of the group’s asset allocation strategy.
Post detailed deliberation, the Board wishes to seek shareholders' prior approval for authorization, which would grant the authority to purchase cryptocurrencies during an authorization period of 12 months, starting from the date of the formal resolution at the Extraordinary General Meeting (EGM). The total expenditure on cryptocurrency purchases during this period will not exceed $100 million.
Previously reported by BlockBeats on August 11, Boyaa Interactive disclosed that the company's board agreed to allocate a budget of $5 million for purchasing cryptocurrencies, primarily Bitcoin (BTC) and Ethereum (ETH) on regulated, licensed trading platforms - the funding will be sourced from the group's operational cash reserves from Hong Kong and overseas operations. This will hold for the year following from the date of announcement.
