Hong Kong-based Web3 gaming company Boyaa Interactive International is seeking shareholder approval to purchase up to $70 million in cryptocurrencies over the next 12 months. The firm says it would deploy idle cash reserves during periods of crypto market weakness to expand existing holdings and support research and development for its Web3 gaming initiatives.
If approved, Boyaa intends to acquire tokens that demonstrate strong market liquidity, substantial market capitalization, broad market recognition and long-term holding potential. The proposed $70 million would supplement Boyaa’s current treasury of nearly $285 million, which includes 4,091 Bitcoin (about $280 million) and 302 Ether (about $621,200).
The proposal arrives amid roughly a 45% decline in crypto markets since October and heightened scrutiny of corporate crypto-treasury strategies. While a small number of firms, including Strategy and Bitmine Immersion Technologies, have continued periodic crypto purchases recently, several Bitcoin miners have been selling portions of their holdings.
Boyaa ranks as 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 approximately $80.5 million in Bitcoin purchases between August and November and executed its first Bitcoin acquisition in January 2024 as part of its shift into Web3.
In late 2023 Boyaa moved from traditional online card and board games into Web3 gaming, focusing on blockchain-based titles and infrastructure. One of its products is a Web3 version of its long-running Texas Hold’em online poker platform, which incorporates Bitcoin rewards and other crypto prizes.
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