China’s Boyaa Interactive Ventures into Crypto with $100M Investment Strategy
Boyaa Interactive, China’s largest online poker game developer, has made headlines with its recent announcement to its shareholders regarding a bold $100 million cryptocurrency investment plan. The investment portfolio will primarily focus on acquiring BTC and ETH over a span of 12 months, ensuring a gradual investment not exceeding the earmarked $100 million, as outlined in the communication sent by Boyaa Interactive to its shareholders.
The timing of these acquisitions will be judiciously evaluated based on market fluctuations, with swift execution planned. As a result, Boyaa Interactive intends to seek delegated authority from shareholders rather than seeking consensus from all before engaging in these investment actions.
Given the inherent uncertainties around timing, volume, or price fluctuations of any cryptocurrency to be bought or sold, Boyaa Interactive firmly advises caution to shareholders and investors when trading the company’s stocks.
Translate: This group aims to buy cryptocurrencies aligned with its business strategy and evaluated by its asset management and risk control department. The board will approve purchases based on market liquidity, high value, wide acceptance, and potential long-term value. Primarily, they plan to invest around $45 million each in Bitcoin (BTC) and Ethereum (ETH), with an additional $10 million allocated for Tether (USDT) and USD Coin (USDC), both stablecoins tied to the US dollar.
A meeting to discuss this strategic plan is scheduled to be dispatched to shareholders before November 30, 2023.
The recent cryptocurrency market has witnessed significant surges, notably Bitcoin in October 2023, marking a staggering 28% surge to its highest price point since May 2022. The primary driver behind this surge is attributed to the proposals for establishing Bitcoin spot ETFs by several Wall Street giants.
Capitalizing on this upward trend, major players in the market have been actively accumulating BTC. Notably, MicroStrategy announced an additional investment of $5.3 million to acquire 155 BTC in the past month, augmenting the company’s total holdings to 158,400 BTC. This investment has already yielded profits of $900 million.
With these promising initial strides, prominent market players are actively bolstering their BTC reserves, signaling a bullish sentiment towards cryptocurrencies.
Boyaa Interactive’s bold step into the crypto space aligns with a growing trend among enterprises to diversify portfolios by including cryptocurrencies. This move signifies a pivotal moment, emphasizing the increasing acceptance and integration of digital assets within traditional investment strategies. However, the uncertainties surrounding crypto investments underscore the necessity for prudent decision-making and risk assessment in this evolving landscape.
- Chinese City Of Jinan Introduces Digital Yuan (E-CNY) Payment On Bus Routes As Pilot Phase
- China’s Digital Yuan (E-CNY) Pilot Expands To Include Salaries Of Civil Servants And State-Owned Units
- China Pioneers Cross-Border Payments With Digital Yuan (E-CNY)