Tech Firm Meitu Buys Another $50 Million Worth of Bitcoin and Ethereum

Tech Firm Meitu Buys Another $50 Million Worth of Bitcoin and Ethereum

Meitu is a software program improvement agency listed on the Hong Kong Stock Exchange, most recognized for its selfie-editing app. The app was massively widespread in China earlier than including built-in filters and editors to main social media platforms.

Since then, nevertheless, the corporate has struggled to search out new avenues of progress. Now, the corporate is following different main firms’ footsteps and shopping for cryptocurrency, not solely as a result of they consider the worth will go up.

Hundred-Million Dollar Buy-In

Today, Meitu announced that that they had made one other cryptocurrency buy, shopping for an extra $50 million price of Bitcoin and Ether. According to the corporate’s figures, they now personal 31,000 Ether and about 762.21 Bitcoins, totaling $90 million. This latest buy got here shortly after the corporate’s earlier $40 million buy final week.

Meitu has seen its inventory worth shrink massively lately, dropping from HK$18  in 2017 to HK$1.5 simply earlier this yr. As they method their 13th yr in enterprise, the corporate is wanting in the direction of digital currencies as a brand new path for the corporate. The individuals in cost at Meitu consider that cryptocurrencies and blockchain know-how might have many benefits over current programs and establishments, saying in an earlier statement final week:

“The Board takes the view that blockchain know-how has the potential to disrupt each current monetary and know-how industries, much like the [way] cellular web has disrupted the PC web and lots of different offline industries….

Against this backdrop, the Board believes cryptocurrencies have ample room for appreciation in worth and by allocating a part of its treasury in cryptocurrencies may also function a diversification to holding money”

The earlier assertion additionally included the announcement of a $40 million Bitcoin and Ether purchase underneath the corporate’s newly based Cryptocurrency Investment Plan.

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This plan included the choice of shopping for as much as $100 million price of cryptocurrencies utilizing the corporate’s current money reserves and remaining proceeds from their IPO. It stays to be seen if Meitu’s cryptocurrency investments will transcend the preliminary $100M restrict; nevertheless, it’s protected to imagine we’ll see more and more companies shopping for cryptocurrencies as different big companies, such as Tesla, purchase, in addition to a hedge against cash assets.

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Published at Wed, 17 Mar 2021 21:51:35 +0000

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