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Chinese Web Firm Meitu Buys $10M More in Bitcoin
The publicly traded app developer has now spent $100 million on bitcoin and ether.
Chinese app developer Meitu said Thursday it purchased 175.6 bitcoin for $10 million, bringing its total holdings of the cryptocurrency to over 940 coins.
STORY CONTINUES BELOW
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- The Hong Kong Stock Exchange-listed company has invested $100 million in bitcoin and ether positions since adopting a “cryptocurrency investment plan” in early March.
- The company is part of a broader trend of publicly traded firms diversifying their cash treasury with bitcoin during the coronavirus pandemic.
- Notably, Meitu, which also owns ETH, said it is buying crypto to prep for a “foray into the blockchain industry.”
- Meitu held 31,000 ETH and over 940 BTC Thursday. It has invested roughly the same amount in both cryptos, though the ETH position, at nearly $64 million, was worth more at press time.
Read more: Software Firm Meitu Buys $22M of Ether, $17.9M Bitcoin for Its Treasury
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
