Boyaa Interactive Seeks US$70 Million Crypto Mandate for Web3 Strategy

Boyaa Interactive International has announced plans to seek shareholder approval for an acquisition mandate that would allow it to purchase up to US$70 million in cryptocurrencies over 12 months. The move is part of the company's strategy to bolster its Web3 game ecosystem, which includes funding research and development and the operation of Web3 games and related projects.

The proposed cryptocurrency purchases are expected to be made using idle cash reserves generated from operations. According to Hong Kong listing rules, any transactions above US$80 million qualify as a major transaction and require reporting, announcement, and shareholder approval.

Boyaa Interactive International argues that a pre-approved mandate is necessary to act quickly in a volatile market, while cautioning shareholders that future cryptocurrency trades will depend on market conditions and remain subject to significant price fluctuations.