BOYAA Interactive has announced a proposal to seek prior shareholder approval for a purchase authorization. The authorization would grant the board the power to utilize the company's idle cash reserves, generated from business operations, for potential cryptocurrency acquisitions. This initiative aims to strengthen the company's Web3 strategic positioning. The board believes that utilizing group reserves during a period of market downturn to appropriately increase cryptocurrency holdings will further advance the development of its Web3 business.
Following careful consideration, the board recommends seeking shareholder approval for a mandate. This mandate would authorize the board, within a 12-month period commencing from the date an ordinary resolution is passed at the Annual General Meeting, to execute potential cryptocurrency purchases. The total amount of these purchases must not exceed $70 million. The funds are intended to support the research and development of the group's Web3 business and the operation of related projects. This will continuously promote the construction of the group's Web3 gaming ecosystem, including but not limited to upgrading existing games and introducing new Web3 games and related projects, thereby ensuring the steady implementation of the Web3 strategy.
As of the date of this announcement, the company holds a total of 4,092 Bitcoin (BTC) with an average purchase price of approximately $68,211, and 302 Ethereum (ETH) with an average purchase price of approximately $1,661. It also holds approximately 7,000,700 Tether (USDT).
The Web3 industry is currently experiencing rapid global development, and competition is intensifying. In this context, crypto assets have become the most critical strategic resource in this sector. Bitcoin, in particular, has a finite total supply. As the Web3 industry grows and related companies emerge, market demand for crypto assets is expected to continue rising, while accessible strategic resources will become increasingly scarce. Therefore, whether to meet the daily operational needs of the group's Web3 business or based on considerations for the long-term planning of the Web3 strategy, timely and adequate allocation to cryptocurrencies holds significant strategic importance for the group. This move will help the group seize advantages during appropriate windows of opportunity, steadily advance the layout and development of its Web3 business, thereby maintaining its leading position in the field and creating more value for shareholders.