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

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.

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 an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Kevin Reynolds

Learn more about Consensus 2024, 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.

10 Years of Decentralizing the Future