China’s largest board and card game company, Boyaa Interactive, is set to spend $100 million on purchasing cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Indeed, the Hong Kong-listed company is set to acquire the digital assets over the next 12 months, according to a published update.
The online card game developer joins a list of public companies seeking a point of entry into digital assets. Subsequently, the initiative to acquire the digital assets was crafted by the board of directors. Moreover, the plan is currently pending approval from its shareholders.
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China’s Largest Card Game Company Spending Big on Bitcoin and Ethereum
2022 was undoubtedly a year-long crypto winter for the digital asset sector. However, things have certainly looked up this year, as the industry has maintained a sort of return to form. Moreover, part of that comeback is due to the host of companies that are seeking to get involved in the industry. That fact is reaffirmed through one huge initiative set in place by one of China’s largest companies.
Indeed, China’s Boyaa Interactive has announced its plan to spend $100 million on purchasing Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies. Specifically, the plan was announced in a newly published update and would take place over the next 12 months.
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The plan is currently pending approval from shareholders due to its overarching nature. Indeed, the board of directors is ensuring the $100 million fund is readily available. Subsequently, they would be able to curtail “prior shareholder approval for each purchase.”
The approval would then see a large selection of the funds used for acquiring BTC and ETH. Specifically, $45 million would be allocated to the two largest cryptocurrencies by market cap. Thereafter, $10 million would be used by Boyaa to purchase stablecoins like Tether and USD.
Conversely, a previous plan that was approved in August led to $5 million in crypto being purchased in the upcoming year. This plan approval would then increase the amount used for the acquisition of digital assets by the company.