Meitu Currently Has $100 Million in Ether and Bitcoin Investments
By Harry B - Crypto Specialist
The software company has been increasingly purchasing cryptocurrency, amassing $100 million in Bitcoin and Ethereum.
Meitu, a Hong Kong-based technology business, has driven the total valuation of its cryptocurrency assets to a worth of approximately $100 million after announcing that they were buyingBitcoin (BTC) in bulk once again, bringing in an additional $10 million to their wallet. Meitu HK, a Hong Kong subsidiary of Meitu Inc, had actually paid out $10 million for more than 175 Bitcoin (BTC) units, this means that the price to sell Bitcoin was at $57,000 per coin.
It was reported that the acquisition was made using existing cash reserves, as determined by open market spot rates. Meitu spent $90 million on large crypto transactions last month, split evenly between Bitcoin and Ethereum (ETH). Following Thursday's deal, the firm has now bought $49.5 million in BTC and $50.5 million in ETH.
The company previously claimed that it could not have made its previous transactions without the assistance of Coinbase, a cryptocurrency exchange platform that is based in the United States. The latest filing made no mention of Coinbase; however, the exchange has previously been in charge of managing the assets of other corporate organizations, such as MicroStrategy.
According to the disclosure statement;
“Some of these features potentially even render Bitcoin as a superior form to other alternative stores of value such as gold, precious stone and real estate”
The disclosure emphasizes Bitcoin's usefulness as a store of value, which is aided by its small supply. Its portability and status as a hedge against inflation induced by central banks' aggressive money printing practices are also listed.
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