According to a published update, Boyaa Interactive, China’s largest board and card game company, plans to invest $100 million to acquire digital assets over the next 12 months.
Boyaa Interactive is a successful company that develops a variety of popular web and mobile games, including Remi and Cangkulan, which are especially popular in Indonesia. The company has seen a significant increase in profit over the past year, and its trailing twelve-month (TTM) revenue is over $383 million. It is one of the leading gaming companies in terms of its investment in digital assets.
The card game developer has joined the expanding list of public companies exploring investments in digital assets investments. The board of directors drafted the plan to acquire digital assets, and it now awaits shareholder approval.
The crypto industry faced a difficult year in 2022, but things have begun to look up in 2023, with the industry starting to experience a gradual return to form. Some of this improvement is due to the growing number of companies seeking to enter the crypto industry, and the recent initiative from one of China’s biggest companies has been a major boost.
Boyaa Interactive in China has announced plans to allocate a significant amount of money over the next 12 months purchasing Bitcoin, Ethereum, and other cryptocurrencies. The company’s Board of Directors has stated that this investment plan is critical for their business development in the Web3 space. This aligns with their diversification strategy, targeting new opportunities in the evolving digital landscape.
The plan awaits shareholder approval due to its substantial funding requirement because it requires a significant amount of funding. The board is working to ensure the funds are readily available so that it can proceed without obtaining shareholder approval for each individual purchase.
If the plan is approved, the majority of the funds will be used to purchase Bitcoin and Ethereum. The company will also allocate $10 million to purchasing stablecoins like Tether and USD.
In August, shareholders approved a plan to allocate $5 million to the purchase of crypto in the coming year. This plan would increase the total amount used to purchase digital assets by the company.