Gaming firm to invest another $100M in Bitcoin and ETH after stock triples, Hong Kong’s in-kind Bitcoin ETF, Bybit warning: Asia Express.
Shares of Hong Kong online gaming firm Boyaa Interactive have soared 318% over the past month after the firm approved a $100 million initiative to allocate $45 million of corporate funds to Bitcoin (BTC), $45 million to Ether (ETH), and $10 million to stablecoins such as Tether (USDT) and USD Coin (USDC).
“As of the date of this announcement, the Company purchased a total of 1,110 Bitcoin with an average unit price of approximately $41,790, a total of 14,855 Ether with an average unit price of approximately $2,777 and approximately 8,000,000 units of Tether USD,” the firm said on March 8 and announced plans to double down on its purchase with an additional $100 million investment into cryptocurrencies.
Aside from the gigantic purchase, the firm also has a solid underlying gaming business, bringing around 100 million yuan ($13.90 million) in revenue and 32.05 million yuan ($4.46 million) in earnings, with growth rates of 6% and 72%, respectively. Due to the ongoing bearish stock market in China, most firms have large cash balances available with some firms trading for far below their nominal book value.
