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Software Firm Meitu Lost Up to $52.3M in H1 Due to Slide in Crypto Prices

The app developer had bought 940.89 BTC and 31,000 ETH in spring of 2021.

Updated May 11, 2023, 5:42 p.m. Published Jul 4, 2022, 8:03 a.m.

Hong Kong skyline (Ruslan Bardash/Unsplash)

Hong Kong-listed software firm Meitu (1357) likely lost RMB 274.9 million to RMB 349.9 million (US$41.1 million to $52.3 million) in the first half of 2022, mostly due to a fall in the value of its crypto holdings.

The firm's losses almost doubled, a 99.6% to 154.1% increase, compared to the same period last year, it said in a filing with the Hong Kong Stock Exchange on July 1.
The Cayman-islands incorporated firm Meitu is known in China for its synonymous artificial intelligence-powered face beautification app.
The price of major cryptocurrencies has fallen dramatically in the past month, bitcoin (BTC) lost almost 38% in June, its second-biggest monthly loss since its launch in 2009.
Meitu bought 940.89 BTC and 31,000 ether (ETH) in the spring of 2021, but has not made any moves to sell or buy crypto since then, according to the filing.

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Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.