The Hong Kong-listed Chinese company "Linekong Interactive Group" recently announced that it has spent around $1.24 million in the past month to buy more than 44 Bitcoins, at an average price of about $28,054 each.
Linekong Interactive is a well-known mobile game developer in China, founded in 2007. It went public on the Hong Kong Stock Exchange's GEM board in 2014, raising more than HK$720 million in its IPO and has launched many representative mobile games.
The announcement highlighted that the Bitcoin purchase is part of the group's Web3 business development and asset allocation strategy. By allocating part of its funds to Bitcoin, the company can also diversify its cash holdings in its capital management. At the same time, the board believes that this move demonstrates to investors and stakeholders the group's ambition and determination to embrace technological innovation, thereby fully preparing to enter the blockchain industry.
The company is actively developing its Web3 business and is in talks and research with Consensus Lab to set up a joint venture in Hong Kong to enter the Web3 industry and cryptocurrency investment market.
$28k!! They have already made money even before they enter Web3 .... 😍
That is the magic of bitcoin!
News source:
https://blockcast.it/2023/07/10/linekong-interactive-group-announced-purchase-of-bitcoin/
