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Software Firm Meitu Buys $22M of Ether, $17.9M Bitcoin for Its Treasury
Cayman Islands-incorporated Meitu said it bought 15,000 ETH and 379.1 BTC in open market transactions on March 5.
Hong Kong-listed Meitu Inc., which makes image and video processing software, said it has purchased $22 million in ether (ETH) and $17.9 million of bitcoin (BTC), making it the first time a firm has disclosed a major purchase of ETH for its treasury.
STORY CONTINUES BELOW
- Meitu said it bought 15,000 ETH and 379.1 BTC in open-market transactions on Friday.
- The purchases were made under the terms of a previously board-approved cryptocurrency investment plan that allows the company to invest in up to $100 million in crypto, financed by cash reserves other than any remaining proceeds from Meitu's 2016 initial public offering.
- The company said that while buying 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 company said it's evaluating the feasibility of integrating blockchain technology into its overseas business, including launching Ethereum-based dapps. ETH is the native token of the Ethereum blockchain. It's also evaluating potential investments in blockchain-based projects, many of which accept ETH as consideration for investment.
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
