Chinese public game developer Linekong Interactive plans to purchase $6 million in Bitcoin and Ethereum.
In a regulatory filing with the Stock Exchange of Hong Kong on Jan. 21, Linekong Interactive proposed a revision of its previously approved transaction to buy up to $5 million in Bitcoin (BTC) and Ethereum (ETH). Now, the Hong Kong-based game developer wants to increase that cap to $6 million, citing the rapid rise in crypto prices.
“The company believes these revisions would provide flexibility to the board in capturing fleeting opportunities in the highly volatile cryptocurrency market.”
Linekong Interactive
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Once the company gets approval from its shareholders, it will need to re-comply with relevant provisions, including reporting, announcement, circular, and independent shareholders’ approval requirements, the filing reads. A circular, containing details of the proposal, is expected to be disclosed to shareholders on or before February 2, 2024.
Linekong Interactive’s move follows a trend among Hong Kong-based public companies venturing into the crypto space. In November 2023, crypto.news reported that Boyaa Interactive, an online game developer, also expressed its intent to invest up to $100 million in crypto. Boyaa aims to allocate up to $90 million in Bitcoin (BTC) and Ethereum (ETH), with the remaining $10 million allocated to stablecoins Tether (USDT) and USD Coin (USDC).
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