Boyaa Interactive, a major player in the field of online card and board games, is taking a bold step into the world of cryptocurrencies by announcing a $5 million investment in Bitcoin (BTC) and Ethereum (ETH). This initiative reflects the growing enthusiasm of companies for the diversification of their assets through cryptocurrencies.
Investment Decision and Objectives
In a press release dated August 11, 2023, Boyaa Interactive has revealed its intention to buy BTC and ETH, the two main cryptocurrencies on the market, via its Hong Kong subsidiary, Boyaa Interactive International Limited. The company therefore wishes broaden the range of its assets and take advantage of opportunities within the expanding sector. Considering cryptocurrencies as an innovative and promising asset class, Boyaa Interactive anticipates high return potential and low correlation with other traditional assets.
The Distribution of Investments and Financial Means
Boyaa Interactive clarified that it would allocate $3 million buying Bitcoin and $2 million buying Ethereumbased on market prices at the time of the transaction. This approach will be carried out using the company’s internal financial resourcesthus excluding the borrowing or sale of other assets. Boyaa Interactive plans to hold these cryptocurrencies for the long termwhile carefully monitoring their performance and liquidity.
A Successful Business in the Online Gaming Industry
With over 700 million users worldwide, Boyaa Interactive holds a leading position in the online card and board game industry in China. Its flagship titles such as Texas Hold’em Poker, Fight the Landlord, Hilo, Capsa Susun and Domino Gaple are enjoying marked success. In 2022, the company recorded revenue of 1.2 billion yuan (approximately $185 million) as well as net profit of 136 million yuan (approximately $21 million).
Boyaa Interactive Joins the Cryptocurrency Investment Trend
Joining the ranks of companies that have taken the step towards cryptocurrencies, such as Tesla, MicroStrategy, Square, PayPal and Coinbase, Boyaa Interactive expresses its commitment to diversification and financial innovation. By investing in cryptocurrencies, companies seek to diversify their cash reserves, protect themselves against inflation and join in the movement to transform the current financial landscape.
Sources: The Block, HKex News