Hong Kong-based Web3 gaming firm Boyaa Interactive International said it is seeking shareholder approval to expand its crypto treasury, planning up to $70 million in purchases over the next year.
In a statement on Sunday, the Hong Kong-listed company said it is looking to use its “idle cash reserves during periods of weakness in the cryptocurrency market” to increase its existing positions and to support the research and development of Boyaa’s Web3 gaming business.
If approved by shareholders, Boyaa said it would invest in crypto tokens with “good market liquidity, large market value, wide recognition on the market and relatively long-term holding value.”
The $70 million would add to Boyaa’s nearly $285 million treasury, which includes 4,091 Bitcoin (BTC) worth $280 million and 302 Ether (ETH) worth $621,200.
Boyaa’s crypto treasury expansion plan comes as the crypto industry continues to grapple with a 45% market drawdown since October and growing doubt over the sustainability of crypto treasury strategies.
Few crypto treasury companies outside of Strategy and Bitmine Immersion Technologies have been buying crypto on a weekly basis over the last few months, while multiple Bitcoin miners have offloaded portions of their holdings.
Boyaa is a top-25 corporate Bitcoin treasury
Boyaa, which made $80.5 million worth of Bitcoin purchases between August and November, is currently the 23rd-largest corporate Bitcoin treasury and the third-largest in the Asia-Pacific region, trailing only Japan’s Metaplanet and China’s Next Technology Holding.
Related: Metaplanet forms new venture firm as it expands Bitcoin playbook
Boyaa expanded from online card and board games to Web3 gaming in late 2023, developing blockchain-based games and infrastructure, while making its first Bitcoin purchase in January 2024 to support that transition.
One of its offerings includes a Web3 version of a Texas Hold’em online poker platform it created in the early 2000s, offering Bitcoin rewards and crypto prizes.
