Chinese public company Meitu increases investment in Bitcoin and Ethereum to $89 million

The value of Meitu’s investments, the Hong Kong-listed image-processing software developer, in the two largest cryptocurrencies by market capitalization, reached $89 million. The firm additionally acquired digital assets worth $49 million through a subsidiary.

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

According to the statement, on 17 March the company’s subsidiary Miracle Vision, in the same way, acquired 16,000 ETH for about $28.4 million and 386.08 BTC for about $21.6 million.

The acquisition of digital assets was conducted through the wholly owned Meitu subsidiary in accordance with the cryptocurrency investment plan approved earlier by the parent company’s board. The plan envisages purchases of digital assets up to $100 million.

Meitu confirmed that it regards Bitcoin as an alternative to traditional stores of value and as a hedge against depreciation of fiat reserves due to central-bank policies.

Ethereum, the company says, is not only a means of asset diversification. The purchase of this cryptocurrency is viewed as a logical step toward integrating blockchain technology, including the launch of decentralized applications (dapps). The coin will serve as a reserve to cover transaction costs for potential dapps and to invest in their developers.

The statement also clarified that the previous cryptocurrency purchase was also conducted through Miracle Vision, registered in Singapore.

As of writing, the Bitcoin Treasuries service, which tracks assets held by publicly traded companies in the leading cryptocurrency, had not yet updated the data, but with 765 BTC in Meitu’s reserves, it will overtake the American mining firms Bit Digital and Argo Blockchain in the rankings and approach the Norwegian holding Seetee AS.

As reported, the pioneer among publicly traded companies in converting part of its capital into Bitcoin, MicroStrategy, in March increased the amount of acquired cryptocurrency to 91,326 BTC.

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