TechFlow reported, according to Zhitong Caijing, Hong Kong-listed company Blue港 Interactive announced that its board of directors has exercised the power under the purchase authorization to adjust the maximum amount for purchasing cryptocurrencies in the open market from up to $5 million to $6 million.
Due to significant volatility in cryptocurrency prices, since the purchase authorization was approved on November 22, 2023, the value of cryptocurrencies has surged sharply, rendering the original purchase targets unclear and ultimately limiting potential shareholder value appreciation.
In light of this situation, the company believes it is necessary to revise the maximum purchase amount and set an upper limit for the unit price of Bitcoin and Ethereum at no more than 10% above the prevailing market price. The board considers that amending the purchase authorization will provide greater flexibility to seize rapidly evolving opportunities. All other terms of the purchase authorization remain unchanged.
