Hong Kong-listed Web3 gaming firm Boyaa Interactive International is seeking shareholder approval to invest up to $70 million more into cryptocurrency over the next year. The company plans to use idle cash reserves to buy during market dips, aiming to expand its existing treasury of 4,091 Bitcoin and 302 Ether and support its Web3 gaming research.
Boyaa Interactive International is requesting shareholder authorization to expand its crypto holdings. The Hong Kong-based Web3 gaming firm stated it intends to allocate up to $70 million for token purchases within a year.
The company said it would use its “idle cash reserves during periods of weakness in the cryptocurrency market” for the planned purchases. Investments would target crypto tokens with good liquidity, large market value, and long-term holding value according to its statement.
This capital would supplement Boyaa’s existing treasury of 4,091 Bitcoin, valued at approximately $2.8 billion, and 302 Ether worth about $621,200. The firm previously purchased $80.5 million worth of Bitcoin between August and November 2023.
Boyaa’s expansion plan arrives amid a 45% crypto market drawdown since October. Industry observers note growing doubt over the sustainability of corporate crypto treasury strategies.
Few crypto treasury companies besides Strategy and Bitmine Immersion Technologies have been consistently buying recently. Several Bitcoin miners have also sold portions of their holdings during this period.
With its current Bitcoin stash, Boyaa ranks as the world’s 23rd-largest corporate Bitcoin treasury. It is the third-largest in Asia-Pacific, trailing only Japan’s Metaplanet and China’s Next Technology Holding.
Boyaa expanded from traditional online games into Web3 gaming in late 2023. It made its first Bitcoin purchase in January 2024 to support this business transition.
Its Web3 offerings include a blockchain-based version of its Texas Hold’em online poker platform. This platform provides Bitcoin rewards and crypto prizes to participants.
