Hong kong-based app developer Meitu buys $10 Million worth of bitcoin. Meitu announced today that the company had expanded its cryptocurrency portfolio with approximately 175 Bitcoin and complete its $ 100 million marks. Last month Chinese web firm previously scooped up to $ 90 million in BTC and ETH. The total value of the recent transaction stands at around $10 million.
Meitu has finally taken the total value of its cryptocurrency holdings to $100 million. Meitu buys another $10 million worth of Bitcoin (BTC) on April 8. The company now owns $100 million in Bitcoin and Ethereum to complete its “Cryptocurrency Investment Plan”. The Meitu board members highlighted that cryptocurrencies have ample room for “appreciation in value”. They are investing in digital assets that would be a superior store of value than fiat.
The publicly traded firm first acquired $40 million in BTC and ETH in early March of this year and it unveiled its intention to make further purchases. A week later, it purchased another $49 million. Today’s announcement is the final $10 million of the acquisition.
“The Board is pleased to announce that on April 8, 2021, Meitu HK had, according to the Cryptocurrency Investment Plan, further acquired in open market transactions an additional 175.67798279 units of Bitcoin at an aggregate cash consideration of approximately US$10 million under the Further Bitcoin Acquisition. As of the date of this announcement, the Group has accumulated a Net Purchase of US$100 million worth of cryptocurrencies,” Meitu mentioned in the official announcement.
Currently, Meitu holds a total of 31,000 ETH and 940 BTC, accomplishing its treasury allocation plan. Previously, the app developing firm said that it was considering integrating blockchain technology into its business using Ethereum-based apps.
The firm previously stated that it couldn’t have made its prior purchases without the help of US-based cryptocurrency exchange Coinbase. No mention of Coinbase made in the latest disclosure.
Even though institutions like Telsa, Square have earlier announced their Bitcoin purchases. Meitu has become one of the first leading companies from Asia to add crypto to their treasury.
The company said it could launch a blockchain-based app in the future. Meitu stated, “Blockchain technology has the potential to disrupt both existing financial and technology industries similar to the manner in which mobile internet have disrupted the PC internet and many other offline industries.”
Meitu positions itself with the determination to embrace technological evolution and preparing its “foray into the blockchain industry.”
