Boyaa Interactive Seeks Shareholder Nod for $70M Crypto Buy
Hong Kong-listed Web3 gaming firm Boyaa Interactive International announced it will seek shareholder approval for a $70 million cryptocurrency purchase plan to be executed over the next 12 months. In a statement on Sunday, the company said it intends to use its "idle cash reserves during periods of weakness in the cryptocurrency market" to acquire digital assets.
The capital is earmarked to increase its existing crypto positions and to support the research and development of its Web3 gaming business. Boyaa, which expanded from online card and board games into the Web3 space in late 2023, plans to invest in tokens with strong market liquidity and large market values, specifically citing Bitcoin and Ether as core assets for its strategy.
Firm Ranks as Asia's Third-Largest BTC Holder with 4,091 Coins
The proposed $70 million investment would build upon an already significant treasury. Boyaa currently holds 4,091 Bitcoin (BTC), worth approximately $2.8 billion, and 302 Ether (ETH). These holdings make Boyaa the 23rd-largest corporate Bitcoin treasury globally and the third-largest in the Asia-Pacific region, trailing only Japan’s Metaplanet and China’s Next Technology Holding. The company previously executed $80.5 million worth of Bitcoin purchases between August and November.
Move Defies Broader Market Downturn
Boyaa's decision to double down on its crypto treasury strategy runs counter to the recent market trend, which has seen a 45% market-wide drawdown since October. The downturn has prompted several Bitcoin miners to offload portions of their holdings to cover operational costs. This cautious institutional sentiment was reinforced on March 19 when Citigroup lowered its stock price targets for major crypto-exposed companies, including the largest corporate Bitcoin holder, Strategy.
However, Boyaa's accumulation plan is not an outlier. It reflects a diverging strategy seen among other dedicated crypto treasury firms. Bitmine Immersion Technologies recently announced its Ether holdings have grown to nearly 4.6 million ETH, and the newly formed Evernorth Holdings is pursuing a public listing on Nasdaq to operate as a dedicated XRP treasury. Boyaa’s move suggests that certain companies view the current market conditions as a strategic entry point for long-term accumulation.
