Boyaa Interactive to allocate $5 million for Bitcoin and Ethereum purchases

Boyaa Interactive announced to its shareholders and prospective investors that the board had approved a plan to purchase digital assets worth $5 million.

The firm said that next year they intend to mainly acquire Bitcoin and Ethereum on regulated and licensed trading platforms.

The purchase of cryptocurrencies is aimed at developing the group’s future business model in the Web3 space. The board believes that the purchase of cryptocurrencies serves the interests of the company and its shareholders as a whole, the corporate letter said.

Boyaa Interactive is a Hong Kong-based investment holding company founded in 2004. The company is a leading developer and operator of card and board games in China.

Boyaa will comply with local requirements for purchasing crypto assets and manage the portfolio in line with market conditions.

Earlier, Flooring Hut converted part of its cash reserves into the first cryptocurrency. Chief Executive Paul Brewster noted that the firm decided not to hold funds in a bank account, as Bitcoin offers better potential for returns.

Earlier, Carlyle Group co-founder David Rubenstein stated that he would like to buy Bitcoin early in its development.

Blockware Intelligence analysts forecasted that by 2023 global adoption of Bitcoin would reach 10%.

Wells Fargo analysts compared the development of breakthrough technologies with digital assets. They concluded that the latter have not yet passed the tipping point after which mass adoption of innovations began.