Hong Kong's Web3 ecosystem continues to mature, attracting not only institutional investors but also publicly traded companies to the crypto space. This article analyzes 8 Hong Kong-listed firms actively diversifying into cryptocurrencies and blockchain technology, driving both innovation and stock performance.
Boyaa Interactive: Plans $100M Crypto Purchase, Reports 1130% Quarterly Profit Growth
Boyaa Interactive, a gaming-focused company, began its crypto journey in late 2023, aiming to transition into a Web3 enterprise. Its stock surged nearly 360% year-to-date (YTD) as of May 16.
- Investments: Allocated $500M initially, later approved a $100M budget for BTC, ETH, and USDT purchases.
- Holdings: 1,110 BTC (~$41,790 avg.) and 14,855 ETH (~$2,777 avg.), yielding $30.3M unrealized gains.
- Web3 Moves: Invested in Web3 gaming projects, including Pacific Waterdrip Digital Asset Fund ($1M) and RootData ($125K seed round).
👉 Discover how Boyaa leverages crypto for growth
Coolpad Group: $27.86M Crypto Portfolio, Plans Bitcoin Mining Spin-Off IPO
Struggling smartphone maker Coolpad pivoted to crypto amid financial losses:
- Assets: $23.84M in Cleanspark (CLSK) shares + $4.03M in IBIT, netting $2.07M profit.
- Mining: Spent $12M on servers; considering NASDAQ listing for subsidiary Coolbit Technologies.
BlueCity Interactive: Upped Crypto Budget to $6M
The mobile game developer expanded its Bitcoin holdings:
- BTC Buys: 92.47 BTC in 2023; 93.85 BTC ($270K) recently.
- Ecosystem Bets: Backed Bitcoin L2 Merlin Chain and cross-chain bridge XLink. Stock rose 270% YTD.
GFO Innovations: $500K Crypto Allocation
The financial services firm targets Web3 transformation:
- Subsidiary: Fortress Securities applied for Hong Kong VASP licensing.
- Portfolio: Invested in SEBA Bank, MaiCapital, and music startup Star Nest ($150K).
👉 Learn about Hong Kong’s crypto regulatory landscape
FAQs
Q1: How do crypto investments impact these stocks?
A: Diversification into crypto often correlates with stock rallies—e.g., Boyaa’s 360% surge.
Q2: Which company has the largest crypto holdings?
A: Boyaa Interactive leads with $100M allocated, though Coolpad’s $27.86M portfolio is notable.
Q3: Are these firms mining Bitcoin?
A: Coolpad and Boyaa operate mining ventures; Coolpad plans a mining spin-off IPO.
Conclusion
From gaming to finance, these Hong Kong stocks exemplify strategic crypto adoption, blending asset accumulation with Web3 integration. With regulatory clarity improving, their ventures may set benchmarks for Asia’s public-market crypto adoption.
Data as of May 16, 2024. Prices subject to market volatility.