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

1 Mins read

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

Related posts

Why the Solana (SOL) Price is Up Today

1 Mins read
TL;DR The cryptocurrency market is experiencing a significant upswing, with most digital assets, including Solana (SOL), recording substantial gains. Solana has notably…

eTukTuk Represents All That Is Best About Crypto: Innovation, An Ethical Use Case, and Productivity

3 Mins read
Join Our Telegram channel to stay up to date on breaking news coverage The world is entering an all-important era in terms…

Soccer Star Cristiano Ronaldo Faces Lawsuit Over Binance Endorsement

2 Mins read
Superstar soccer player Cristiano Ronaldo is the target of a class-action lawsuit that claims investor damages resulted from his support of cryptocurrency…



Leave a Reply

Your email address will not be published. Required fields are marked *