Game firm’s stock triples after it buys Bitcoin, Hong Kong’s in-kind BTC ETF: Asia Express

Hong Kong gaming firm to double down on $100 million crypto investment

Shares of Hong Kong online gaming firm Boyaa Interactive have soared 318% over the past month after the firm approved a $100 million initiative to allocate $45 million of corporate funds to Bitcoin (BTC), $45 million to Ether (ETH), and $10 million to stablecoins such as Tether (USDT) and USD Coin (USDC).

“As of the date of this announcement, the Company purchased a total of 1,110 Bitcoin with an average unit price of approximately $41,790, a total of 14,855 Ether with an average unit price of approximately $2,777 and approximately 8,000,000 units of Tether USD,” the firm said on March 8 and announced plans to double down on its purchase with an additional $100 million investment into cryptocurrencies.

Aside from the gigantic purchase, the firm also has a solid underlying gaming business, bringing around 100 million yuan ($13.90 million) in revenue and 32.05 million yuan ($4.46 million) in earnings, with growth rates of 6% and 72%, respectively. Due to the ongoing bearish stock market in China, most firms have large cash balances available with some firms trading for far below their nominal book value. 

A Boyaa Interactive online casino.

Our weekly roundup of news from East Asia curates the industry’s most important developments.

‘Nobody’ buying Stephen Chow NFTs right now

Nobody, a 10,000 profile picture collection created by legendary Hong Kong director Stephen Chow, has seen its floor price fall over 70% within the past month. 

According to data from OpenSea, the lowest floor price of Nobody NFT is currently at 0.22 Ether (ETH) apiece, down from its all-time high of 0.99 ETH on February 5.

Despite ongoing promotional activities, including autographs from Chow himself, perks for NFT holders in his upcoming new film, and brand collaboration with reputable artists, traction remains stagnant after an initial launch spike that saw Nobody NFTs surpass 10,000 Ether in trading volume. 

On…

..

Read More

Recommended For You

Leave a Reply

Your email address will not be published. Required fields are marked *

Discover more from Investor News Blog Finance Exchange News

Subscribe now to keep reading and get access to the full archive.

Continue reading