According to the latest information, Meitu Inc., a Chinese technology company established in 2008, holds several million dollars in the cryptocurrencies Bitcoin and Ethereum.
Based on information obtained by FM, Meitu recently revealed that the fair value of its Bitcoin holdings has decreased by approximately $ 17.3 million. However, this unfavorable score improves the investment in the cryptocurrency ETH where Meitu announced an increase of $14.7 million in the fair value of its Ethereum holdings.
According to Meitu, the company is highly convinced that the blockchain industry is still in early stage and therefore does not sell or plan to sell any of the cryptocurrencies it owns.
Since the Cryptocurrencies Acquisitions, the Group has neither acquired nor sold any cryptocurrencies pursuant to the Cryptocurrency Investment Plan (including any Ether or Bitcoin). As disclosed in the announcements, the Board believes that the blockchain industry is still in its early stage and that cryptocurrencies have ample room for appreciation in value over the long term. As such, there are currently no plans to sell the same in the near future. The acquired Cryptocurrencies would be accounted as intangible assets under the cost model in the Group’s upcoming interim results for the 6 months ended June 30, 2021,” Meitu stated
Meitu began investing in cryptocurrencies earlier this year for approximately $ 100 million. It then announced further purchases in the first week of March, specifically 15,000 Ethereum and 379 Bitcoin for a total of $ 40 million. Later on March 17, it made another purchase of 16,000 Ethereum and 386 Bitcoin.
