One of China’s leading Internet application developers, Meitu Inc., bought more bitcoin for its fund. The company now owns about $90 million in cryptocurrencies. Meitu is registered on the Hong Kong Stock Exchange and its top application has more than 1 billion users worldwide.
Meitu Inc. announced that it is wholly owned subsidiary Miracle Vision acquired more bitcoin and ETH in open market transactions. This is the second purchase announcement from the company. Meitu is listed on the Hong Kong Stock Exchange under the stock code 1357.HK.
The company bought an additional BTC 386.08581655 “paying a total price of about US $21.6 million” and an additional 16.000 ETH at “a total price of about US $28.4 million”, the statement said, adding:
“The group has amassed a net purchase of cryptocurrencies worth approximately US $90 million. The settlement of cryptocurrency acquisitions took place immediately after the execution and completion of the respective purchase orders on March 17, 2021“, the company confirmed.
The first cryptocurrency purchase by the Chinese company was for 379.1214267 BTC with about US $17.9 million and 15.000 ETH with about US $22.1 million.
Founded in 2008, Meitu is one of China ‘s leading Internet companies using artificial intelligence (AI) – based video and video editing technologies to process user – generated mobile content. According to its website, the company’s top application has attracted more than 1 billion users worldwide. As of June 2020, there are 2.08 billion unique devices with Meitu-enabled products and a total of 295 million monthly active Meitu app users. The total number of Meitu users exceeds 823 million users.
“The cryptocurrency purchases were financed by the group’s existing cash, in addition to the rest of the proceeds from the company’s initial public offering,” the statement said.
“The board believes that cryptocurrencies have a very high rise in value and the allocation of part of its portfolio can also serve as a differentiation in cash in cash management”.