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BTC $43253.42 (1.47%)
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BCH $513.47 (0.05%)
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BNB $347.36 (-0.8%)
ADA $2.26 (-6.7%)
DOGE $0.20 (-0.7%)

Chinese Beauty App Meitu Invests $40M in BTC & ETH

Chinese Company Buys Bitcoin and Ethereum
  • Chinese beauty app Meitu brought 15,000 units of Ethereum and 379.1214267 units of BTC.
  • Moreover, the said amount of BTC and ETH cost them  $22.1 million and $17.9 million respectively.
  • The firm plans to buy an additional $60 million worth of crypto soon, which will most likely include more ETH than BTC.

On March 5, the china-based, publicly-traded beauty app firm Meitu, bought Bitcoin and Ethereum. In fact, the firm purchased 15,000 units of ETH and 379.1214267 units of BTC respectively.

Both the BTC and ETH they bought cost them about $22.1 million and $17.9 million in cash respectively. Based on a report, Meitu bought both the BTC and ETH assets in line with a previous investment plan authorized by its board of directors.

The company said,

The Board believes cryptocurrencies have ample room for appreciation in value and by allocating part of its treasury in cryptocurrencies can also serve as a diversification to holding cash (which is subject to depreciation pressure due to aggressive increase in money supply by central banks globally) in treasury management.

However, in their investment plan, the company claimed that it will buy up to $100 million worth of crypto. Also, the firm’s crypto purchase will be financed by its cash reserves instead of its Initial Public Offering (IPO).

Hence, the firm plans to buy an extra $60 million worth of cryptos under an approved plan. At this time, it seems Meitu aims to buy more ETH instead of BTC.

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.