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Interactive Buoya Hong Kong-based gaming company, revealed plans for possible investment in cryptocurrencies, including bitcoin, as this effort seeks to improve the Group’s asset allocation strategy.
Following a previous voluntary announcement in August 2023, Boyaa’s board of directors views the acquisition of btc and cryptocurrencies as critical to its business expansion and asset allocation strategy. The company intends to seek shareholder approval to authorize a $100 million acquisition mandate to purchase bitcoin, cryptocurrencies and stablecoins over a 12-month period.
The proposed mandate describes the key parameters:
- Term of office: The acquisition mandate extends for 12 months from the approval of the ordinary agreement at the Extraordinary General Assembly.
- 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). Allocate $45 million each to acquire btc and eth, and the rest no more than $10 million in USDT and USD Coin.
- Types of Cryptocurrencies: Boyaa says it is acquiring cryptocurrencies aligned with its trading strategy, primarily btc and eth.
- Acquisition Consideration: Purchases will be based on open market buying and selling prices, with a maximum premium of 10% over the market price. Funding will come from the Group’s dormant cash reserves.
- Scope of authorization: The Board will exercise its discretion regarding transaction volume, timing and selection of cryptocurrencies, making purchases on authorized trading platforms such as HashKey Exchange.
The company plans to send a circular to shareholders by November 30, 2023, detailing the details of the mandate and proposed acquisitions.
