Linekong Interactive, a prominent game developer, to acquire cryptocurrencies worth up to $6 million.
Chinese game developer Linekong Interactive has announced its plans to purchase $6 million worth of Bitcoin and Ethereum. The company recently filed regulatory documents with the Stock Exchange of Hong Kong, proposing a revision to its previous transaction approval to increase the cap from $5 million to $6 million. Linekong Interactive cited the rapid rise in cryptocurrency prices as the reason for this decision.
Before proceeding with the purchase, Linekong Interactive will need approval from its shareholders and will have to comply with relevant provisions, including reporting, announcement, circular, and independent shareholders’ approval requirements. A circular containing all the details of the proposal is expected to be disclosed to shareholders by February 2, 2024.
This move by Linekong Interactive reflects a growing trend among Hong Kong-based public companies entering the crypto space. Last year, Boyaa Interactive, an online game developer, expressed its intent to invest up to $100 million in cryptocurrency. Boyaa plans to allocate $90 million to Bitcoin and Ethereum, with the remaining $10 million going to stablecoins like Tether and USD Coin.
It is worth noting that Linekong Interactive’s decision comes at a time when the Chinese government has been cracking down on the crypto industry. However, this has not deterred some companies from exploring opportunities in the digital asset space.
