Hong Kong game developer Linekong Interactive aims to expand its venture into cryptocurrencies. The company seeks shareholder approval to raise a previously approved $5 million cap on crypto asset purchases to $6 million.
Linekong filed a regulatory update with the Hong Kong Stock Exchange on January 21st detailing the proposal to increase buys of Bitcoin and Ethereum.
The company cited the recent price surge in top cryptocurrencies as a factor behind hiking the investment ceiling.Â
If granted shareholder approval, expected by early February, Linekong will re-comply with relevant reporting, announcement, circular, and independent shareholder approval terms. These compliance steps ensure proper oversight around the increased crypto allocation.
Linekong’s move aims at a growing trend of Hong Kong-listed companies buying cryptocurrencies. Fellow game developer Boyaa Interactive announced plans last November to invest up to $100 million into a mix of Bitcoin, Ethereum, Tether, and USD Coin.
Crypto investments allow public companies to change assets and tap into the growth potential of the expanding digital asset market. Linekong’s shareholder vote will determine if the company can expand its crypto impressions to $6 million.
Also Read: Venture Smart Targets Q1 Launch for Bitcoin ETF in Hong Kong
