- Meitu purchased $22 million in ETH and $17.9 million in BTC.
- Purchasing crypto helps diversify the firm’s holdings away from cash.
- Also, evaluates potential investments in blockchain-based projects.
Meitu Bought $22M of Ether, $17.9M of Bitcoin
Meitu is an image and video processing software firm. However, the firm purchased $22 million in ETH and $17.9 million in BTC. Moreover, this is the first time a firm has revealed a major purchase of ETH for its treasury.
On March 5, Meitu said it bought 15,000 ETH and 379.1 BTC in open market transactions. More so, the purchase was under the terms of a previously board-approved crypto investment plan that allows the firm to put up to $100 million of crypto.
In addition, financed by cash reserves other than any remaining proceeds from Meitu’s 2016 IPO. While the firm said that purchasing crypto helps diversify its holdings away from cash.
“More importantly, the Board considers this a demonstration to investors and stakeholders that the Group has the vision and determination to embrace technological evolution, and hence preparing its foray into the blockchain industry.”
The firm said it’s evaluating the feasibility of integrating blockchain tech into its overseas business, including launching Ethereum-based DApps. Furthermore, ETH is the native token of the Ethereum blockchain. Even more, it also evaluates potential investments in blockchain-based projects, many of which accept ETH as consideration for investment.
According to CoinGecko, the ETH price is $1642 and the BTC price is $50,552, at the time of writing.