BTC, ETH Holdings of First Chinese Tech Company Meitu to Buy Crypto Rise 40%
Chinese crypto journalist Colin Wu and blockchain news outlet from China, 8BTC, have posted Twitter threads about Meitu – the Chinese tech company that acquired Bitcoin and Ethereum earlier this year and put crypto on its balance sheet.
It was the first public company in China that started investing in BTC and ETH.
China's biggest beauty app Meitu: The fair value of #Ethereum and #Bitcoin purchased is approximately $65.2 million and $32.2 million, respectively pic.twitter.com/6e6snZ6rC1— 8BTCnews (@btcinchina) August 25, 2021
Meitu buys Bitcoin and Ethereum
Meitu’s investment has shown an over 40 percent rise on Bitcoin and Ethereum after dropping by June 30 due to the major correction of the crypto market.
In March, Meitu bought the flagship cryptocurrency Bitcoin and the second most popular crypto Ethereum using its cash reserves. The board of the company agreed to buy up to a $100 worth of crypto to put them on the balance sheet.
Meitu runs a popular photo-editing app with a 456 million user-base.
Meitu loses 17 million RMB on crypto but then sees 40% rise
Now, Colin Wu has tweeted that by June 30 (according to the semi-annual earnings report) their worth of their crypto investments shrunk by a total of 17 million yuan.
In early March, Bitcoin was trading in the $49,500 range and Ethereum was changing hands at approximately $2,400 per coin.
By June 30, as a result of a substantial correction of the market, Bitcoin dropped to the $35,000 level and the price of Ethereum slightly decreased to the $2238 zone.
According to Wu’s tweet, a total amount of losses on Meitu’s crypto investments by June 30 was 17 million yuan.
8BTC cites the Meitu report, saying that on June 30, the fair value of Meitu’s Bitcoin investments was $65 million and they held a $32.2 million worth of Ethereum.
By now, the worth of the tech company’s crypto investment has soared 40 percent.
The price of Bitcoin on June 30 was only about 35,000 US dollars, and the price of Ethereum was about 2,100 US dollars, both of which have increased by more than 40% now. Meitu's investment in cryptocurrency is currently profitable.— Wu Blockchain (@WuBlockchain) August 25, 2021