Why is Hong Kong’s Boyaa increasing crypto exposure amid weakness?

Hong Kong-based Web3 gaming firm Boyaa Interactive International is seeking shareholder approval to expand its crypto treasury, signalling a deeper link between its digital asset strategy and gaming ambitions.

The company plans to allocate up to $70 million over the next year, using idle cash reserves during periods of weakness in the cryptocurrency market.

The move comes as the sector continues to recover from a sharp correction, with companies reassessing how crypto holdings can support long-term business models rather than short-term gains.

Treasury expansion plan

In a statement on Sunday, Boyaa said the proposed investment would depend on shareholder approval.

The company intends to deploy funds selectively, focusing on periods when crypto prices are under pressure.

It said the target assets would include tokens with strong liquidity, large market capitalisation, and wide recognition.

The firm also highlighted a preference for assets with relatively long-term holding value, aligning the strategy with its broader financial planning rather than short-term trading.

This approach reflects a cautious expansion rather than an aggressive accumulation strategy.

Current bitcoin and ether holdings

The planned allocation would add to Boyaa’s existing crypto treasury of nearly $285 million.

Its holdings include 4,091 Bitcoin valued at around $280 million and 302 Ether worth about $621,200 based on current market prices.

The company built a significant portion of its Bitcoin position between August and November, purchasing roughly $80.5 million worth of the asset.

This accumulation has placed Boyaa among the larger corporate holders of Bitcoin globally, reinforcing its position within a growing group of crypto-focused firms.

Crypto downturn reshapes buying trends

Boyaa’s proposal comes at a time when the crypto market remains under strain, having declined about 45% since October.

The downturn has raised concerns over the sustainability of corporate crypto treasury strategies.

Only a limited number of companies, including Strategy and Bitmine Immersion Technologies, have continued consistent buying in recent months.

At the same time, several Bitcoin miners have sold parts of their holdings to manage liquidity, reflecting a shift in how firms approach digital assets during volatile periods.

Boyaa’s plan to invest during market weakness suggests a more measured approach, positioning its purchases as opportunistic rather than continuous, while maintaining flexibility in capital allocation.

Web3 gaming shift and positioning

The company’s crypto strategy is closely tied to its transition into Web3 gaming.

Boyaa expanded beyond its traditional online card and board games business in late 2023, moving into blockchain-based gaming infrastructure and products.

It made its first Bitcoin purchase in January 2024 as part of this transition.

Since then, it has introduced crypto elements into its offerings, including a Web3 version of its Texas Hold’em poker platform, which distributes Bitcoin rewards and other digital prizes.

Boyaa is currently the 23rd-largest corporate Bitcoin treasury globally and the third-largest in the Asia-Pacific region, behind Japan’s Metaplanet and China’s Next Technology Holding.

Its growing crypto reserves are positioned as a financial base supporting its evolving gaming ecosystem and long-term product development strategy.