March 28, 2024

Meitu lost on Bitcoin, but made money on Ethereum

Meitu lost on Bitcoin, but made money on Ethereum

The developer of popular smartphone applications Meitu reported losses from investments in BTC, whileinvestments in Ethereum brought the company a small income.

This spring the company invested $100million in Bitcoin and Ethereum. In its financial report for the second quarter, Meitu noted a decrease in total assets by $2.6 million relative to initial investments. As of the settlement date, the company's BTC is valued at $32.2 million, and ETH – at $65.2 million.

To date, the company's ETH is worth more than $ 72 million and BTC is about $ 32.8 million, which means that even though the market has fallen, Meitu is still in the black.

Meitu's board considers this to be irrelevant astheir cryptocurrency investments were calculated for the long term. The board of directors has no plans to sell crypto assets in the foreseeable future.

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