Chinese Web Firm Meitu Buys $10M More in Bitcoin
The publicly traded app developer has now spent $100 million on bitcoin and ether.
Chinese app developer Meitu said Thursday it purchased 175.6 bitcoin for $10 million, bringing its total holdings of the cryptocurrency to over 940 coins.
- The Hong Kong Stock Exchange-listed company has invested $100 million in bitcoin and ether positions since adopting a “cryptocurrency investment plan” in early March.
- The company is part of a broader trend of publicly traded firms diversifying their cash treasury with bitcoin during the coronavirus pandemic.
- Notably, Meitu, which also owns ETH, said it is buying crypto to prep for a “foray into the blockchain industry.”
- Meitu held 31,000 ETH and over 940 BTC Thursday. It has invested roughly the same amount in both cryptos, though the ETH position, at nearly $64 million, was worth more at press time.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.