Hong Kong Based Boyaa Plans to Buy $45 million Worth of Bitcoin As Treasury Reserve Asset

[Bitcoin]

Hong Kong Based Boyaa Plans to Buy $45 million Worth of Bitcoin As Treasury Reserve Asset

Boyaa Interactive, a Hong Kong-based gaming company, revealed plans for a potential investment in cryptocurrencies, including Bitcoin, as this endeavor seeks to enhance the Group's asset allocation strategy.

Following an earlier voluntary announcement in August 2023, Boyaa's Board views BTC and crypto acquisition as pivotal for its business expansion and asset allocation strategy. The company aims to seek shareholders' approval to authorize a $100 million acquisition mandate for purchasing Bitcoin, crypto, and stablecoins within a 12-month period.

The proposed mandate outlines the key parameters:

1. Mandate Period: The acquisition mandate spans 12 months post the ordinary resolution's approval at the Extraordinary General Meeting.
2. Maximum Amount: An aggregate limit of $100 million has been set, with a specific focus on purchasing BTC, ETH, Tether USD (USDT), and USD Coin (USDC). Allocating $45 million each to acquiring BTC and ETH, with the remainder of no more than $10 million on USDT and USD Coin.
3. Types of Cryptocurrencies: Boyaa says it is acquiring cryptocurrencies aligning with its business strategy, primarily BTC and ETH.
4. Acquisition Consideration: Purchases will be based on open market bid and ask prices, with a maximum premium of 10% on the market price. The funding will derive from the Group's idle cash reserves.
5. Authorization Scope: The Board will exercise discretion concerning transaction volume, timing, and cryptocurrency selection, conducting acquisitions on licensed trading platforms like HashKey Exchange.

The company anticipates dispatching a circular to shareholders by November 30, 2023, detailing the mandate's specifics and the proposed acquisitions. 

Source: Hong Kong Based Boyaa Plans to Buy $45 million Worth of Bitcoin As Treasury Reserve Asset