Hong Kong-based Web3 gaming firm Boyaa Interactive International said it is seeking shareholder approval to expand its cryptocurrency holdings, proposing up to $70 million in purchases over the next 12 months. The company said it would deploy “idle cash reserves during periods of weakness in the cryptocurrency market” to increase existing positions and to support research and development for its Web3 gaming initiatives.
If shareholders approve, Boyaa plans to buy tokens that have strong market liquidity, substantial market capitalization, broad market recognition and long-term holding potential. The proposed $70 million would be added to Boyaa’s current treasury of nearly $285 million, which includes 4,091 Bitcoin (about $280 million) and 302 Ether (about $621,200).
The expansion plan comes amid a roughly 45% crypto market decline since October and growing skepticism about corporate crypto-treasury strategies. A small number of firms, including Strategy and Bitmine Immersion Technologies, have continued regular crypto buys in recent months, while several Bitcoin miners have been selling portions of their holdings.
Boyaa is currently the 23rd-largest corporate Bitcoin treasury globally and the third-largest in the Asia-Pacific region, behind Japan’s Metaplanet and China’s Next Technology Holding. The company made roughly $80.5 million in Bitcoin purchases between August and November and executed its first Bitcoin acquisition in January 2024 to support its shift into Web3.
Boyaa moved from traditional online card and board games into Web3 gaming in late 2023, developing blockchain-based games and infrastructure. One offering includes a Web3 version of its long-running Texas Hold’em online poker platform, which features Bitcoin rewards and crypto prizes.
Cointelegraph notes this article is produced in line with its Editorial Policy and encourages readers to verify information independently.