HK-listed photo processing software developer Meitu has invested $ 89 million in the two largest cryptocurrencies by market capitalization. The firm acquired an additional $ 49 million in digital assets through a subsidiary.
On March 5, Meitu announced that it had bought 15,000 ETH and 379.12 BTC on the open market for approximately $ 22.1 million and $ 17.9 million, respectively.
According to the statement, on March 17, the company’s subsidiary, Miracle Vision, acquired 16,000 ETH for ~ $ 28.4 million and 386.08 BTC for ~ $ 21.6 million in the same way.
The acquisition of digital assets by the wholly-owned Meitu firm was carried out in accordance with the investment plan for cryptocurrencies previously adopted by the board of the parent company. The solution provides for the purchase of digital assets worth up to $ 100 million.
Meitu confirmed that it is considering Bitcoin as an alternative to traditional store of value and a hedging asset against depreciation of fiat reserves due to central bank policies.
Ethereum is considered by the company not only as a means of asset diversification. The purchase of this cryptocurrency is a “logical preparation” for the integration of blockchain technology, including the launch of decentralized applications (dapps). The coin will serve as a reserve for Meitu to pay for the transaction costs of potential dapps and investments in their developers.
In a statement, the company clarified that the previous purchase of the cryptocurrency was also carried out through the Singapore-registered Miracle Vision.
At the time of writing, the Bitcoin Treasuries service, which takes into account the assets owned by public companies in the first cryptocurrency, has not made any changes to the data, but with 765 BTC in reserves, Meitu will bypass the American mining firms Bit Digital and Argo Blockchain in the rating and approach the Norwegian holding Seetee AS .
Recall that MicroStrategy from the United States , which became a pioneer among listed companies in converting part of the capital into bitcoin, brought the volume of purchased cryptocurrency to 91,326 BTC in March .