Hong Kong's game developer Linekong Interactive to buy up to $6m in crypto

2024-01-22 05:51:55

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

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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