Hong Kong Gaming Firm Boyaa Seeks ₱4.2 billion ($70 million) Crypto Expansion
Boyaa Interactive plans to use idle cash reserves during market weakness to increase its crypto positions, leveraging a 45% market drawdown since October as a buying opportunity.
Key Takeaway
Boyaa is buying the dip with a ₱4.2 billion ($70 million) expansion plan during a 45% crypto market drawdown.
Boyaa Interactive asked shareholders to approve a ₱4.2 billion ($70 million) crypto treasury expansion over the next 12 months.
The Hong Kong-listed Web3 gaming company plans to use idle cash reserves during market weakness to increase its positions, according to a Sunday announcement. Boyaa holds 4,091 Bitcoin and 302 Ether worth ₱167.96 billion ($2.8 billion) combined, making it the 23rd-largest corporate Bitcoin treasury globally and third-largest in Asia-Pacific.
Boyaa said it would target crypto tokens with good market liquidity, large market value, wide recognition, and long-term holding value. The company framed the expansion as support for research and development of its Web3 gaming business, which includes a blockchain version of its Texas Hold'em poker platform that offers Bitcoin rewards and crypto prizes.
The company bought ₱4.83 billion ($80.5 million) worth of Bitcoin between August and November after making its first purchase in January 2024. Crypto markets have dropped 45% since October, creating what Boyaa called a buying opportunity. Strategy and Bitmine Immersion Technologies are among the few companies still buying crypto weekly despite the drawdown.
Boyaa ranks behind Japan-based Metaplanet and China-based Next Technology Holding in Asia-Pacific corporate Bitcoin holdings, according to BitcoinTreasuries.NET data. The company expanded into Web3 gaming in late 2023, a move that drove its share price up 811% over the following year.
This article was written based on reporting from Cointelegraph.
