Boyaa Interactive (00434) Proposes to Seek Prior Shareholder Approval for Authorization to Purchase Cryptocurrencies with a Total Purchase Amount Not Exceeding $70 Million

Reuters Finance APP News, Boyaa Interactive (00434) announced that to continuously strengthen the company’s Web3 strategic layout, during the downturn in the cryptocurrency market, the group should utilize idle funds reserves and appropriately expand cryptocurrency allocations to further develop the company’s Web3 business. After careful consideration, the board of directors recommends seeking prior approval from shareholders to grant a purchase authorization, empowering the board to use the company’s idle cash reserves from business operations to potentially purchase cryptocurrencies within 12 months from the date the authorization and potential cryptocurrency purchase are formally approved at the annual general meeting, with a total purchase amount not exceeding US$70 million. This aims to support the research and development of the group’s Web3 business and related projects, thereby continuously advancing the group’s Web3 gaming ecosystem (including but not limited to upgrading existing games and adding new Web3 games and related projects) and ensuring the steady implementation of the Web3 strategy.

As of the date of this announcement, the company holds a total of 4,092 Bitcoins (BTC), with an average price of approximately US$68,211; 302 Ethereum (ETH), with an average price of approximately US$1,661; and about 7 million Tether (USDT).

The current Web3 industry is rapidly developing worldwide, with increasing competition. In this context, crypto assets have become the most important strategic resource in the field. Especially Bitcoin, with its limited supply, as the Web3 industry grows and related companies emerge, market demand for crypto assets will continue to rise, and strategic resources available will become increasingly scarce. Therefore, whether to meet the daily operational needs of the group’s Web3 business or for long-term strategic planning based on the Web3 strategy, timely and sufficient allocation of cryptocurrencies is of great strategic significance to the group. This move will help the group seize advantages during appropriate windows, steadily advance the layout and development of Web3 business, and maintain a leading position in the field, thereby creating more value for shareholders.