One of Chinaâ€™s top internet app makers, Meitu Inc., has purchased more bitcoin for its treasury. The company now holds about $90 million in cryptocurrencies. Meitu is listed on the Hong Kong stock exchange and its flagship app has more than 1 billion users worldwide.
Chinese Publicly Traded Company Increases Bitcoin Holdings in Its Treasury
Meitu Inc. announced Wednesday that its wholly owned subsidiary Miracle Vision has acquired more bitcoin and ether in open market transactions. This is the second purchase announcement by the company. Meitu is listed on the Hong Kong stock exchange under the stock code 1357.HK.
The company has bought 386.08581655 more BTC â€œat an aggregate consideration of approximately US$21.6 millionâ€ and 16,000 more ETH at â€œan aggregate consideration of approximately US$28.4 million,â€ the announcement details, adding:
â€œSettlement of the cryptocurrencies acquisitions took place immediately after the respective purchase orders were made and completed on March 17, 2021,â€ the company confirmed.
The first purchase of cryptocurrencies by the Chinese corporation was for 379.1214267 BTC at approximately US$17.9 million and 15,000 ETH at approximately US$22.1 million.
Founded in 2008, Meitu is one of Chinaâ€™s top internet enterprises utilizing AI-driven image-and-video processing technologies for editing user-generated mobile content. According to its website, the companyâ€™s flagship app has accumulated more than 1 billion users worldwide. As of June 2020, there are 2.08 billion unique devices with Meituâ€™s products activated on them, and a total of 295 million monthly active users of Meitu apps. Meituâ€™s total number of overseas users has exceeded 823 million users.
â€œThe cryptocurrencies acquisitions were funded by the groupâ€™s existing cash reserves other than any remaining proceeds from the companyâ€™s initial public offering,â€ the announcement notes, elaborating:
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