- The management of Boyaa Interactive notified shareholders of its new development strategy.
- It includes entering the digital asset market, according to the letter.
- Boyaa Interactive is one of the largest producers and operators of gambling games in the People’s Republic of China.
Boyaa Interactive, a Chinese developer and operator of card and chess games, said it plans to expand its presence in the digital asset market. In particular, the firm intends to invest $5 million in bitcoin and Ethereum.
The board of directors approved the relevant decision. The company intends to invest the funds gradually over the course of the year. The source of the investment is cited as operating profits from the operator’s Hong Kong operations.
The statement to shareholders emphasizes the fact that the firm will buy cryptocurrencies on regulated platforms. However, which jurisdiction is not specified.
But the report says the counterparty will comply with the rules of the regulator in Hong Kong in its disclosures and potential trading. That suggests Boyaa Interactive plans to buy digital assets here.
Since January 2023, the firm’s stock has been on the upswing. The rate rose from $0.054 to $0.076 at the end of July, according to CompaniesMarketCap.
The quote was at $0.4 at the beginning of 2018 before collapsing to $0.15 over the next 12 months. The reason for this drawdown is a decision by Chinese authorities to ban poker apps, Reuters reported.
The company’s profit fell from $65.9 million (2018) to $46.5 million (2019), according to CompaniesMarketCap:
Reminder, in late May 2023, the Hong Kong Securities and Futures Commission (SFC) announced that retail investors could trade cryptocurrency.
Later in early June, the regulator also introduced a licensing regime for virtual asset service providers. In anticipation, several major crypto exchanges have entered the local market.
In August, the SFC said it intends to take “tough measures” against counterparties that fail to register.