Hong Kong Stock Market Update: BOYAA opened significantly higher by over 13%. The board of directors is seeking authorization to continue purchasing cryptocurrencies with a total amount not exceeding 100 million US dollars.

Zhitong App learned that BOYAA (00434) opened significantly higher by over 13%, as of the time of publication, it rose by 13.87% to HKD 1.97, with a turnover of HKD 2.38 million.

On the news front, BOYAA recently announced an expansion of its reserves in cryptocurrencies and its investment and business layout in the Web3 field, which is crucial for the group's strategic implementation.

Based on the purchase authorization of up to USD 100 million in cryptocurrencies approved at the special shareholders' meeting on December 22, 2023, the company is close to completing this investment layout and has already seen some growth. To further drive the group's business development and layout in the Web3 field, the board is seeking shareholders' approval at the general meeting to grant further authorization for potential purchases of cryptocurrencies, allowing the board to continue purchasing cryptocurrencies totaling up to USD 100 million. This will enable the group to complete the reserve of digital assets at a more opportune time, laying a solid foundation for the implementation of the group's Web3 business development strategy.

As of the date of this announcement, the company has purchased a total of 1,110 bitcoins at an average price of approximately USD 41,790. It has also purchased 14,855 ethers at an average price of around USD 2,777 and approximately 8 million Tether coins.

Furthermore, it is worth noting that on March 8, the price of Bitcoin reached the historical milestone of USD 70,000 for the first time, although there has been some retracement since then, the overall price trend remains upward. In the options market, there has been a recent surge in bullish options betting on Bitcoin breaking through USD 80,000 and even USD 100,000, which continues to attract significant interest.