The publicly listed Chinese smartphone company has now $90 million worth of crypto. The Chinese tech firm Meitu announced the purchase of Bitcoin and Ethereum on 7th march, calculating up to $40 million. The firm has again invested in Bitcoin and Ethereum worth $49 million. The total investment company made is around $90 million in these digital assets.
Meitu is known for making smartphones and selfie applications, snapping $22 million in Etereum and $17.9 million in Bitcoin at the starting of March. Today, the firm bought $28.4 million ETH and $21.6 million BTCs.
Meitu Investment in Bitcoin and Ethereum
According to Meitu, “ As at the date of this announcement, the Group has accumulated a net purchase of approximately US$90 million worth of cryptocurrencies,” said in the statement. The latest tech company is making a big crypto purchase as the value of the biggest digital asset continues to surge.
Bitcoin is showing an explosion in prices since the pandemic hit the economies around the world. Trading at $58,547, it has shown an increase of over 1000% in a matter of one year.
Largely thanks to big firms like MicroStrategy, Tesla Inc., etc that bring back the asset value after the coin’s devastating crash. Michael Saylor, CEO of MicroStrategy sees the wonder of “digital gold” amid inflationary monetary policies on behalf of the US Federal Reserve. MicroStrategy now holds more than $5 billion of Bitcoins in total.
Another whale of the industry, Square Inc. put $50 million in the digital currency in October last year.
The company was soon followed by one of the largest tech giants Tesla. The car company has completed a $1.5 billion investment in Bitcoin this February.
Allocating a part of its Treasury
According to Meitu, allocating the part of its treasury in the top two digital currencies of the market is useful as an alternative to cash, which is “subject to depreciation,” the team says.
Meitu is also in the favor of blockchain technology. For the company, the technology “has the potential to disrupt both existing financial and technology industries.”