Boyaa Interactive International Limited, a Hong Kong-listed company, will hold a special shareholders meeting on December 20, 2023.
The meeting will consider and approve a purchase authorization, allowing the board of directors to potentially buy cryptocurrency.
All voting at the special shareholders meeting will be conducted by ballot.
The directors, including independent non-executive directors, believe that the terms of the purchase authorization related to potential cryptocurrency purchases are fair and reasonable, in line with normal commercial terms, and in the overall interests of the company and its shareholders.
The Boyaa Interactive board believes that buying and holding cryptocurrency is an important part of the group’s business layout and development in the Web3 field and an essential component of the group’s asset allocation strategy.
After careful consideration, the board recommends seeking shareholder approval in advance for the purchase authorization, granting the board the right to make potential cryptocurrency purchases during the authorization period, which is 12 months from the date of the formal approval of the relevant authorization and potential cryptocurrency purchases by ordinary resolution at the special shareholders meeting.
Boyaa Interactive Plans to Buy $90 Million of BTC and ETH
Earlier, Boyaa Interactive proposed to buy $45 million each for Bitcoin (BTC) and Ethereum (ETH) in the next 12 months. Additionally, the company intends to allocate $10 million to Tether (USDT) and USD Coin (USDC).
The decision to diversify into cryptocurrencies reflects a strategic move by Boyaa Interactive, echoing the broader trend of traditional companies recognizing the value and potential of digital assets.
The upcoming shareholder vote will play a pivotal role in shaping the company’s foray into this dynamic and evolving market.
As Boyaa Interactive positions itself for this substantial crypto investment, shareholders will weigh in on the proposal, considering the potential risks and rewards associated with venturing into the volatile cryptocurrency landscape.
The outcome of the vote will not only impact Boyaa Interactive’s financial strategy but may also signify a growing acceptance of cryptocurrencies within traditional corporate structures.