Software Firm Meitu Buys $22M of Ether, $17.9M Bitcoin for Its Treasury

Cayman Islands-incorporated Meitu said it bought 15,000 ETH and 379.1 BTC in open market transactions on March 5.

Mar 7, 2021 at 1:35 p.m. UTC
Updated Sep 14, 2021 at 12:22 p.m. UTC

Hong Kong-listed Meitu Inc., which makes image and video processing software, said it has purchased $22 million in ether (ETH) and $17.9 million of bitcoin (BTC), making it the first time a firm has disclosed a major purchase of ETH for its treasury.

  • Meitu said it bought 15,000 ETH and 379.1 BTC in open-market transactions on Friday.
  • The purchases were made under the terms of a previously board-approved cryptocurrency investment plan that allows the company to invest in up to $100 million in crypto, financed by cash reserves other than any remaining proceeds from Meitu's 2016 initial public offering.
  • The company said that while buying crypto helps diversify its holdings away from cash, "more importantly, the board considers this a demonstration to investors and stakeholders that the group has the vision and determination to embrace technological evolution, and hence preparing its foray into the blockchain industry."
  • The company said it's evaluating the feasibility of integrating blockchain technology into its overseas business, including launching Ethereum-based dapps. ETH is the native token of the Ethereum blockchain. It's also evaluating potential investments in blockchain-based projects, many of which accept ETH as consideration for investment.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

Trending

1
CoinDesk - Unknown
Crypto Valley Venture Capital Launches African Blockchain Early-Stage Fund

The venture capital investor published a report which found funding for African blockchain startups far outpaced investment in other venture funding.

The venture capital investor published a report which found funding for African blockchain startups far outpaced investment in other venture funding.

CoinDesk - Unknown
2
CoinDesk - Unknown
First Mover Asia: Terra's Difficult Post-Collapse Path: VCs Backing Away, Regulators Jumping on Stablecoins

Some investors see salvageable pieces in the rubble while others are bemoaning their involvement and want to forget the protocol ever existed; bitcoin edges up in weekend trading.

Some investors see salvageable pieces in the rubble while others are bemoaning their involvement and want to forget the protocol ever existed; bitcoin edges up in weekend trading.

CoinDesk - Unknown
3
CoinDesk - Unknown
China Can’t Seem to Stop Bitcoin Mining

Reported hashrate fell to zero for two months in China last year, but it has since returned rather abruptly.

Reported hashrate fell to zero for two months in China last year, but it has since returned rather abruptly.

CoinDesk - Unknown
4
CoinDesk - Unknown
Could Local Digital Currencies Improve Communities?

That's the argument of the president of the RadicalxChange Foundation.

That's the argument of the president of the RadicalxChange Foundation.

CoinDesk - Unknown