Hong Kong-based Web3 gaming firm Boyaa Interactive International said it is seeking shareholder approval to expand its crypto treasury, planning up to $70 million in purchases over the next year.

In a statement on Sunday, the Hong Kong-listed company said it is looking to use its “idle cash reserves during periods of weakness in the cryptocurrency market” to increase its existing positions and to support the research and development of Boyaa’s Web3 gaming business.

If approved by shareholders, Boyaa said it would invest in crypto tokens with “good market liquidity, large market value, wide recognition on the market and relatively long-term holding value.” 

The $70 million would add to Boyaa’s nearly $3 billion treasury, which…