Hong Kong’s Boyaa Interactive is not waiting for the market to recover. The Web3 gaming firm has put forward a proposal to buy up to $70 million worth of crypto in the next year. And yes, this is on top of a treasury that already crosses the $285 million mark.
The market is down nearly 45% from its October 2024 peak. Most companies are sitting on their hands. Boyaa is pulling out the checkbook.
What Boyaa Plans to Do?
In a statement released Sunday, the Hong Kong-listed company said it wants to use idle cash during periods of market weakness to grow its existing positions and support the research and development of its Web3 gaming business.
The company isn’t going to buy just anything. If shareholders approve, Boyaa says it will target tokens with strong market liquidity, large market caps, wide recognition, and long-term holding potential.
That reads like a shortlist of Bitcoin and Ethereum. Boyaa already holds both.
The $70 million would add to Boyaa’s nearly $285 million treasury, which includes 4,091 Bitcoin worth $280 million and 302 Ether worth $621,200.
A Top-25 Bitcoin Treasury Globally
Boyaa isn’t a small player in the corporate Bitcoin world. It currently ranks as the 23rd-largest corporate Bitcoin treasury and holds the third spot in Asia-Pacific, trailing only Japan’s Metaplanet and China’s Next Technology Holding.
That’s a serious position for a gaming company that only made its first Bitcoin purchase in January 2024. Boyaa spent around $80.5 million on Bitcoin between August and November 2024 alone.
The company’s journey into crypto is not random either. Boyaa shifted from traditional online card and board games into Web3 gaming in late 2023, building blockchain-based games and infrastructure alongside its treasury strategy. One of its products is a Web3 version of its Texas Hold’em poker platform from the early 2000s, now offering Bitcoin rewards.
Why Buy During a Downturn?
This is the part that will raise eyebrows for some and make complete sense to others.
The crypto market has been rough. Bitcoin dropped hard from its late 2024 highs. Many corporate holders have gone quiet or even offloaded assets. Few companies outside Strategy and Bitmine Immersion Technologies have been buying on a regular basis over the past few months, while several Bitcoin miners have sold off portions of their holdings.
Boyaa is taking the opposite bet. Weak market, big buy. This is essentially dollar-cost averaging at the institutional level, using operational cash during dips to bring the average entry price down.
Think Strategy’s playbook, but coming out of a gaming boardroom in Hong Kong.
What This Means for the Broader Market
Boyaa’s announcement matters beyond the headline number.
For one, it shows corporate crypto adoption is not a Western story anymore. Asian firms are stepping up, and Boyaa is at the front of that line in the gaming sector.
Second, committing $70 million during a prolonged drawdown signals something. Companies do not pour that kind of money into an asset class they think is going to zero.
Third, the Web3 angle gives this move more depth than a standard treasury play. Boyaa is directly connecting its crypto holdings to product development. That is a strategy with skin in the game.
Boyaa said purchases will be made in crypto tokens with good market liquidity, large market value, and wide recognition. Regulated platform execution is expected, which gives both regulators and shareholders something to feel comfortable about.
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