Not to be outdone by anyone, Meitu continued to spend $ 50 million more to buy more BTC and ETH

Not to be outdone by anyone, Meitu continued to spend $ 50 million more to buy more BTC and ETH


2021-03-23 03:24:51

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Even though I just bought $ 40 million worth of BTC and ETH, Meitu still wants to gather as much BTC and ETH as possible.

Earlier on March 7, Chinese technology company Meitu made a $ 40 million deduction to buy Bitcoin and Ethereum, and in a recent report Meitu said “the company continues to spend $ 50 million to buy more Bitcoin and Ethereum ”.

Specifically, with 50 million USD Meitu deducted 28.4 million USD to buy ETH and 21.6 million USD to buy BTC, the purchase at a specific price, the company did not disclose.

Meitu does not buy directly, but through a subsidiary.

More than just buying and hodl, buying BTC and ETH of Meitu has its own purpose.

“Buying Bitcoin will help create part of the new budget,” Meitu said. While buying ETH is for the purpose of exploring blockchain technology ”, Meitu’s intention is to expand its operations through blockchain application.

“Buying ETH is a fair preparation for these initiatives. Ethereum will become a reserve of transaction spending for any potential decentralized investment and application “

“Investing in cryptocurrencies is also a way to diversify cash holdings, in the long run these investments can also increase value”, Meitu representative said.

In addition, in a report earlier this month, Meitu said that it wants to expand its investment in the Crypto market with the original plan of spending $ 100 million in advance to buy cryptocurrencies.

Founded in 2008, Meitu is one of the most popular mobile app manufacturing companies in China with a market capitalization of HK $ 11.7 billion ($ 1.5 billion).

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