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

Please fol­low and like us:

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 link

Please fol­low and like us: