Meitu makes a further $10 million investment in Bitcoin

Meitu, the Hong Kong-listed photo-editing software developer, bought about 175 BTC for $10 million, according to the company’s documents.

On 5 March, Meitu announced that it had bought on the open market 15,000 ETH and 379.12 BTC for $22.1 million and $17.9 million respectively.

On 17 March, the subsidiary Miracle Vision bought 16,000 ETH and 386.08 BTC for roughly $28.4 million and $21.6 million. To convert cash reserves into cryptocurrency, the firm used the services of Coinbase’s brokerage arm.

According to journalist Colin Wu, the latest deal also involved an American company.

Meitu, an photo editing app company in China, once again purchased 10mln dollars in Bitcoin through Coinbase, and completed the purchase of 100 mln in Bitcoin and Eth. But Meitu’s stock price did not rise as a result. Other companies in Asia and China did not follow up.

— Wu Blockchain (@WuBlockchain) April 8, 2021

The developer’s total investments in the two largest digital assets by market capitalization reached $100 million.

In April, MicroStrategy, a provider of analytics software, bought around 253 BTC for $15 million. In total, the company owns 91,579 BTC worth $2.22 billion.

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