On the evening of March 22, Hong Kong-listed gaming company BOYAA (00434.HK) disclosed its latest investment plan for cryptocurrencies. An announcement revealed that BOYAA's board of directors has proposed seeking prior shareholder approval to authorize the board to use the company's idle cash reserves, generated from operations, for potential cryptocurrency purchases. The total amount authorized for such acquisitions shall not exceed $70 million (approximately RMB 484 million), aimed at supporting the research and development of the company's Web3 business and related project operations.
BOYAA stated that this move is intended to continuously strengthen the company's strategic positioning in Web3 and to appropriately expand its cryptocurrency holdings using the group's idle funds during a period of market downturn. The company will make cryptocurrency purchases based on market conditions and price movements.
BOYAA is a game developer and operator listed on the Hong Kong Stock Exchange. Since 2023, the company has consistently invested in cryptocurrencies and increased its holdings on multiple occasions. Within 2025 alone, BOYAA added 818 Bitcoins to its portfolio. Due to the significant rise in cryptocurrency prices, the company had previously recorded substantial unrealized gains.
However, recent declines in cryptocurrency prices have led to losses for BOYAA. On March 15, the company disclosed its 2025 annual report, showing revenue of HK$468 million for the reporting period, a decrease of approximately 6.6% year-on-year. Its revenue primarily comes from online games, digital asset appreciation, and other businesses.
During the reporting period, BOYAA reported a net loss attributable to owners of HK$239 million, compared to a net profit of HK$969 million in the same period last year. The company attributed the loss to a fair value decrease of approximately HK$411 million in digital assets, resulting from the decline in Bitcoin prices.
Since hitting a record high last October, cryptocurrency prices, including Bitcoin, have continued to fall. In October last year, Bitcoin's price surged past $120,000 per coin, but it currently stands at around $68,700, down more than 40% from its peak. Ethereum's latest price is approximately $2,000 per coin, a decline of over 50% from its peak.
According to BOYAA's latest announcement, the company currently holds a total of 4,092 Bitcoins, with an average purchase price of about $68,211 per coin, and 302 Ethereum coins, with an average price of around $1,661. The company also holds approximately 7 million Tether coins. This implies that the current Bitcoin price has fallen close to BOYAA's average cost, while Ethereum's price is also nearing its purchase level.
On March 23, BOYAA's stock fell more than 5% during trading, with its market capitalization standing at around HK$2 billion, roughly equivalent to the market value of the Bitcoin it holds.
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