Nikolas Sargeant
Hong Kong-listed Web3 gaming firm Boyaa Interactive International is seeking shareholder approval to expand its crypto treasury by up to $70 million over the next twelve months, targeting periods of market weakness to add to its existing positions and fund Web3 gaming research and development.
The company said it would focus purchases on tokens with strong market liquidity, large market capitalisation, broad recognition, and long-term holding value. The planned investment would build on a treasury already worth nearly $285 million, comprising 4,091 Bitcoin valued at approximately $280 million and 302 Ether worth around $621,200.
Boyaa's move comes during a challenging period for crypto treasury strategies broadly. The market has pulled back roughly 45% since October, and few corporate treasury holders outside of Strategy and Bitmine Immersion Technologies have continued buying consistently in recent months, while several Bitcoin miners have been trimming holdings.
Despite the headwinds, Boyaa's position remains significant. The firm ranks as the 23rd-largest corporate Bitcoin treasury globally and third-largest in Asia-Pacific, behind Japan's Metaplanet and China's Next Technology Holding. Between August and November last year, Boyaa acquired $80.5 million worth of Bitcoin.
The company pivoted from online card and board games into Web3 gaming in late 2023, making its first Bitcoin purchase in January 2024 to support that transition. Its current crypto offerings include a blockchain-based Texas Hold'em poker platform featuring Bitcoin rewards and crypto prizes, a product rooted in a game Boyaa originally launched in the early 2000s.
