OnlyFans, a name linked with subscription-based content, has seen its parent company, Fenix International, provide details about its bitcoin ambitions. According to a recent financial statement, the company spent $19.9 million on Ethereum’s Ether, demonstrating its considerable interest in the digital currency market.
Fenix International submitted its financial records to the UK corporation registrar on August 24, suggesting a strong bet on Ether with investments spanning 2021 and 2022. However, all was not well. The value of its Ether hoard fell by $8.5 million due to a dramatic downturn in the cryptocurrency market in 2022.
Fenix International’s Ether reserve was worth roughly $11.4 million on November 30, 2022, with the Ether token priced at $1,295. While the platform’s first trip in the crypto seas was stormy, its core business shone brightly.
According to the financial records, the company’s sales increased by 16.6% from $4.8 billion in 2021 to a stunning $5.6 billion by the end of 2022. Notably, the largely adult-focused platform significantly increased its user base. The number of creators increased 47%, while total subscribers increased 27%.
Fenix International’s foray into cryptocurrencies isn’t a one-off experiment. In February 2022, the platform grabbed waves when it introduced a feature that allowed verified producers to convert their profile photographs to Ethereum-based NFTs (Non-Fungible Tokens).
Retaking the Ethereum path, two former OnlyFans executives made their mark in June 2022 by founding Zoop, a unique celebrity trading card platform. Zoop, which runs on Polygon, Ethereum’s scaling solution, introduced fans to the novelty of trading 3D digital cards of their favorite celebrities.
Surprisingly, Fenix International’s disclosure regarding its Ether holdings coincided with a surge of pornographic content makers flocking to friend.tech. This decentralized social networking platform, built on the crypto foundation, has piqued the interest of many who want to capitalize on its expanding popularity.
Whether Fenix International’s venture into cryptocurrencies will bear fruit in the long run remains to be seen. Nonetheless, its drive to expand and develop in an ever-changing digital market is palpable.