Hong Kong firm Boyaa plots $100m crypto scoop
The Asian gaming giant pitched a 12-month plan to shareholders focused on accumulating Bitcoin, Ethereum, and other cryptocurrencies amid growing bullish sentiment in digital asset markets.
Hong Kong e-gaming company Boyaa is lining up a move that would translate into tens of millions of dollars injected into cryptocurrencies. The company’s board presented a plan to shareholders, seeking permission to designate $100 million for buying Bitcoin (BTC), Ether (ETH), and other digital assets.
If approved by Boyaa shareholders, the firm would begin crypto purchases with the view of acquiring tokens over a year. According to a Google-translated copy of a Hong Kong stock exchange announcement, Boyaa could allocate as much as $45 million to BTC alone.
Boyaa’s board previously backed a $5 million plan to build crypto positions on locally regulated platforms and exchanges.
It remains to be seen if the company plans to tap other digital asset avenues such as OTC swaps, venture capital investments, and crypto ETFs which are increasingly gaining traction thanks to interest from Wall Street players like BlackRock.
Boyaa’s crypto bid to shareholders underscores an appetite for cryptocurrencies within Hong Kong both from private entities and the government.
Hong Kong declared its intentions to become a crypto hub and the city-state unveiled a crypto licensing regime to that effect. HashKey and OSL Securities were announced as the first crypto exchanges to receive the green light from Hong Kong authorities.
The Chinese Special Administrative Region also approved BTC and ETH for retail traders while allowing professional traders to invest in select tokens like Chainlink (LINK) and Uniswap (UNI).
