Chinese Company Meitu Buys Another $10M Bitcoin, Now Owns $100 Million in BTC and Ether
Publicly-traded Chinese company Meitu announced the purchase of an additional 175.6 Bitcoin at approximately $10 million, as per the filing published on April 8.
With this latest purchase, the company has completed its $100 million worth of crypto, Bitcoin, and Ether combined, accumulating ever since adopting a “cryptocurrency investment plan” in March this year.
The Hong Kong-based app developer now has total holdings of 940 BTC and 31,000 ETH. Both the investments have been roughly the same in USD terms.
Coinbase disclosed last month that its institutional business arm facilitated Meitu’s last crypto purchases. For the latest $10 million BTC addition, Meitu selected OSL Digital securities as of its trade execution and custody partner. The biggest US crypto exchange was also the one that provided its services to Tesla, MicroStrategy, and Ruffer Investments.
Meitu’s crypto accumulation has been part of a broader trend where publicly traded companies are making crypto part of their treasury as a replacement to the debasing fiat currencies. With Ether, Meitu plans to enter into the blockchain industry.