Hong Kong-listed Inkeverse, a Chinese live streaming company, announced on March 26 that its board of directors had approved a budget of US$100 million for the group to purchase cryptocurrencies on any regulated and licensed trading platform over the next five years.
The company will use its existing cash reserves as a source of financing for the purchase of cryptocurrencies.
“Inkeverse's cryptocurrency purchases will be funded from existing cash reserves.
Regarding the purchase of cryptocurrency, the company will carry out this at its discretion, depending on market conditions.
As of the date of this announcement, the Group has not purchased any cryptocurrency from any regulated and licensed trading platform.
It should be noted that any cryptocurrency the Company may purchase or sell will depend on market conditions and be at the discretion of the Board of Directors.
The cryptocurrency market follows a volatile course in the short term, and cryptocurrency prices also experience large fluctuations. Therefore, no guarantee can be made as to the timing, amount, type or price of any cryptocurrency purchased or sold by the company.”
It was not specified which cryptocurrencies to purchase.
*This is not investment advice.