Key Takeaways
- Boyaa has invested $1 million in the Bitcoin Ecosystem Fund.
- The company plans to use $100 million to buy Bitcoin and diversify its treasury.
- Boyaa aims to leverage Hong Kong's favorable Web3 policies for growth.
Boyaa Interactive, a prominent Chinese gaming company, has invested $1 million in the UTXO Management Bitcoin Ecosystem Fund.
This move aligns with Boyaa’s strategy to establish itself as a leading Web3 company in Asia.
BTC Inc partnership
On July 16, Boyaa announced this investment, highlighting their collaboration with BTC Inc., the parent company of Bitcoin Magazine and the organizer of the Bitcoin 2024 Conference.
The company plans to use this investment to further its business development in the Web3 industry, capitalizing on Hong Kong’s favorable policies. Boyaa’s board stated:
The Investment and the Cooperation will further promote the Group’s business development and layout in the Web3 industry.
Large BTC purchase
Additionally, reports indicate that Boyaa Interactive is purchasing $100 million worth of Bitcoin to diversify its treasury assets.
Last year, the company disclosed plans to potentially buy up to $100 million worth of cryptocurrencies, primarily Bitcoin and Ethereum, within a year. This purchase is intended to redirect idle reserve funds into cryptocurrencies and enhance long-term treasury management.
The company’s last year’s filing mentioned:
It is currently expected that the Company will use approximately $45 million to acquire each of BTC and ETH and the remainder of not more than $10 million will be used to purchase Tether USD (USDT) and USD Coin (USDC).
While it remains unclear if these purchases have been completed, Boyaa’s investment signifies a growing trend of companies incorporating Bitcoin into their treasury strategies, viewing it as a hedge against inflation and monetary instability.
