Boyaa Interactive invests around 100 million in Bitcoin and Ethereum.
Boyaa Interactive, a Chinese gaming giant listed on the Hong Kong stock exchange, announced ambitious plans to invest in cryptocurrencies. A company declared that it will allocate up to 100 million dollars to purchase, mainly, Bitcoin (BTC) and Ethereum (ETH) within a year. This movement highlights a growing institutional interest in digital assets, even in the face of China's restrictive stance towards cryptocurrencies.
What is Booya Interactive aiming for?
The company revealed that in addition to BTC and ETH, it is eventually considering purchasing Tether (USDT) and US Dollar Coin (USDC). According to the statement, the chosen cryptocurrencies must align with the company's business development and asset allocation strategy. Purchases must be approved by the company's virtual asset management and risk control department. They chose the cryptos in focus due to their good market liquidity, large capitalization and broad recognition in the market, being considered long-term investments.
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Boyaa Interactive's investment plan in cryptocurrencies indicates a substantial increase from the initial budget of 5 million dollars. This significant increase signals the company's deeper involvement in the world of cryptocurrencies. Still, approximately $45 million will be used to purchase both Bitcoin and Ethereum, while up to $10 million will go towards purchasing Tether and US Dollar Coin.
How does the market see the company's attitude?
Boyaa Interactive's movement presents a positive sign for the cryptocurrency market, indicating that institutional investors are increasingly interested in digital assets. However, Boyaa Interactive's decision, despite China's regulatory stance, reflects a global trend of crypto adoption by large corporations.
Furthermore, this substantial investment in cryptos by Boyaa Interactive may be an indication that more companies in regions with restrictive regulations may follow a similar path, i.e. seeking to diversify their portfolios and explore the potential of cryptos.
