Boyaa Interactive plans to spend no more than $70 million to acquire cryptocurrency.
PANews reported on March 22 that Boyaa Interactive (00434) issued an announcement stating that its board of directors recommends seeking shareholder approval for a purchase authorization to use idle cash reserves from the company's business operations for potential cryptocurrency purchases within the next 12 months, with a total amount not exceeding US$70 million. This move aims to capitalize on the current downturn in the cryptocurrency market, appropriately expand the company's cryptocurrency holdings, and further support the development of its Web3 business.
As of the date of this announcement, the company held a total of 4,092 Bitcoins, with an average price of approximately US$68,200; 302 Ethereums, with an average price of approximately US$1,661; and approximately 7,000,700 Tethers. The Board plans to conduct these cryptocurrency purchases on regulated trading platforms to ensure market liquidity and security.
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