Meitu

History

2021

Increase in cryptocurrency investments to $100 million

In April 2021, Meitu, a smartphone and software company, announced the purchase of Bitcoin for $10 million.

The company has been actively buying Ethereum and Bitcoin in the past month, its investments in cryptocurrency at the moment amounted to about $100 million.

Investing $90 million in cryptocurrency

In mid-March 2021, the Hong Kong company Meitu, which is developing photo editing software, announced new investments in cryptocurrency. This time, the company acquired 386.08 bitcoins through its subsidiary Miracle Vision for $21.6 million and 16 thousand. Ethereum for $28.4 million. Crypto assets were purchased for cash on the open market as part of transactions completed on March 17.

In March, Meitu already bought Bitcoin and Ethereum twice. Two weeks before the last investment, the company acquired 15 thousand. Ethereum for $22.1 million and 379 bitcoins for $17.9 million. In total, the company owns Ethereum cryptocurrency in the amount of $50.4 million and bitcoins in the amount of $39.5 million, and in total, the company's investment in cryptocurrency is a little more than $90 million.

Chinese photo editing software developer Meitu Meitu invested $90 million in cryptocurrency

According to the company, Bitcoin and Ethereum are reliably stored on "well-known" cryptocurrency trading platforms. The acquisition of cryptocurrency took place in accordance with the investment plan approved by the board of directors, which allows the company to invest up to $100 million in cryptocurrencies. Meitu management believes that digital currencies are going through an era of formation, similar to how the mobile Internet industry developed in 2005.

Meitu said that the purchase of cryptocurrencies is part of the company's long-term reserve management strategy. Ethereum can be used to cover costs associated with decentralized applications and for investments in third-party projects that accept cryptocurrency. The company management notes:

The group is currently evaluating the feasibility of integrating blockchain technology into various foreign divisions, including the launch of decentralized applications based on Ethereum, as well as identifying suitable foreign blockchain projects for investment.[1]

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