In a recent move, Linekong Interactive, a Chinese game developer, is gearing up to invest a whopping $6 million in popular cryptocurrencies Bitcoin and Ethereum. Initially greenlit to acquire up to $5 million worth of these digital assets, the company decided to boost the limit to $6 million, citing the rapid surge in crypto prices.
In a statement filed with the Stock Exchange of Hong Kong on January 21, Linekong Interactive emphasized the need for flexibility in navigating the ever-changing crypto landscape. The company believes these adjustments will empower its board to seize fleeting opportunities in the highly volatile cryptocurrency market.
Shareholder Approval Pending
Before diving into the crypto market, Linekong Interactive is waiting for the green light from its shareholders. Once approval is secured, the company will need to comply with various provisions, including reporting, announcements, circulars, and independent shareholders’ consent. A detailed circular outlining the proposal is slated to reach shareholders on or before February 2, 2024.
This move aligns with a broader trend in Hong Kong, where several public companies are venturing into the cryptocurrency space. Back in November 2023, crypto.news reported that Boyaa Interactive, an online game developer, expressed its interest in investing up to $100 million in the crypto market. Boyaa plans to allocate the majority, up to $90 million, in Bitcoin and Ethereum, with the remaining $10 million dedicated to stablecoins Tether and USD Coin.
As the crypto landscape continues to evolve, Hong Kong-based companies seem eager to ride the wave, exploring new opportunities and embracing the dynamic nature of the digital asset market.