Boyaa Interactive Seeks Shareholder Approval for $70M Digital Asset Investment

Hong Kong-listed Boyaa Interactive International is expanding its presence in the digital asset market by seeking shareholder approval to invest up to $70 million. This move comes as part of the company's shift towards Web3 gaming, a strategy that includes developing blockchain-based games such as a Web3-enabled version of Texas Hold'em.

Currently, Boyaa holds approximately $285 million in digital assets, including 4,091 Bitcoin and 302 Ether. The new investment plan aims to utilize idle cash to acquire high-end digital assets at more favorable prices during market downturns.

The company's confidence in the long-term prospects for digital assets is evident despite the current market volatility. The overall crypto market has dropped around 45% since last October, leading some companies to sell off their holdings or reduce their exposure to the market.