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Meitu Acquires $10 Million Worth of Bitcoin

Meitu Acquires $10 Million Worth of Bitcoin

Meitu, a Chinese tech company focused on mobile applications, has advocated an additional investment of $10 million in the world’s leading cryptocurrency, Bitcoin. The company, which develops smartphones and selfie apps, declared that it acquired over 175 Bitcoin in its latest investment. Thus, Meitu now possesses $100 million worth of Bitcoin and Ethereum as part of its “cryptocurrency investment plan.”

In a disclosure filing on Thursday, the publicly-traded company detailed that it bought another 175 Bitcoin to achieve the $100 million mark it fixed for itself in its Cryptocurrency Investment Plan. The plan called for Meitu to supplement $100 million in BTC and ETH to its treasury, both as an investment and groundwork for future actions. Meitu plans to employ some of the ETH to introduce decentralized apps in the future.

Comprehensive Details about Meitu’s Bitcoin and Ethereum Investments

Moreover, the publicly traded firm initially bought $40 million in Bitcoin and Ethereum in early March of this year when it revealed its plans to make further purchases. A week later, it acquired another $49 million. Today’s declaration is the final $10 million of the acquisition. In total, Meitu possesses 31,000 ETH (valued at $50.5 million) and 940 BTC (valued at $49.5 million). Meitu earlier stated that the investment was agreed upon as the company considers that cryptocurrencies can appreciate value. The coins would act as an alternative to cash.

Moreover, U.S.-based Coinbase announced late last month that it had custody of the investments at the time. In other terms, Meitu preferred Coinbase to take care of the purchase and then store the assets. Various big corporations have also employed the exchange to handle massive crypto purchases. However, it’s unclear if Coinbase also dealt with the latest purchases. Meitu, established in 2008, is the latest publicly listed company to secure millions in digital assets as an insurance policy to devaluing fiat money. 

Meitu is one of the first Chinese publicly listed companies to attach crypto to their treasury. Earlier, Elon Musk’s Tesla acquired $1.5 billion worth of Bitcoin in February. MicroStrategy currently holds more than $5 billion. Further, the price of Bitcoin remained stable throughout the last few days. As per the latest data published by Coinmarketcap, Bitcoin is up by approximately 3% in the previous 24 hours. Recently, Bitcoin is trading at $58,500 with a market cap of more than $1.08 trillion.

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