Boyaa Interactive is preparing to make significant moves in the crypto space with the plan to spend $100 million to buy BTC and ETH.
This investment portfolio will first focus on BTC and ETH, gradually buying over 12 months with a value of no more than $100 million, according to Boyaa Interactive’s announcement sent to shareholders.
The time to buy will be considered based on the market situation, so Boyaa Interactive will require authorization from shareholders instead of getting everyone’s opinions before purchasing. Because it is impossible to guarantee time, volume and price of any cryptocurrency purchased or sold, Boyaa Interactive advises shareholders and investors to caution when trading the company’s shares.
A meeting to discuss this plan will be sent to shareholders before November 30, 2023.
The crypto market has recently welcomed the first waves of growth, Bitcoin in Oct 2023 surged more than 28% to the highest level since May 2022. The main driver for this surge is that major Wall Street financial institutions filed applications for Bitcoin spot ETF.
With such a positive situation, big players in the market also added Bitcoin to their investment portfolio. MicroStrategy said it spent an additional $5.3 million to buy 155 BTC last October, bringing the company’s total holdings to 158,400 BTC. This investment has now generated a profit of $900 million.