Chinese Tech Firm Meitu Buys 175 Bitcoin, Treasury Now Holds $100 Million Wor...
The China-based smartphone and internet app maker Meitu has announced the acquisition of $10 million worth of bitcoin for its treasury after the firm purchased digital assets two times prior last month. The company’s cryptocurrency holdings now stack up to $100 million worth of ethereum and bitcoin. Meitu Stacks Another 175 Bitcoin, $100 Million in Crypto Recorded on its Balance Sheet Meitu has revealed another cryptocurrency purchase after it announced two purchases last month. According to the announcement, on April 8, 2021, Meitu HK which is listed on the Hong Kong stock exchange,....
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One of China’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....
One of China’s top internet app makers, Meitu Inc., is adding up to $100 million worth of cryptocurrencies to its treasury, joining a growing list of companies worldwide to do so. The company has already purchased $40 million worth of bitcoin and ether for its balance sheet. Chinese Public Company Adds Bitcoin and Ethereum to Treasury Reserves Chinese public company Meitu Inc. announced Sunday: The group has purchased 15,000 units of ether and 379.1214267 units of bitcoin (BTC), both cryptocurrencies, in open market transactions at an aggregate consideration of approximately US$22.1....
During the crypto bull run last year, Bitcoin hit the $50,000 mark for the first time and exceeded many expectations. As a result, several investors purchased bitcoin at that time. The Hong Kong Tech giant Meitu was one of the companies that acquired bitcoin as a treasury reserve. As the market hit a decline, the tech giant suffers impairment loss. This is a type of loss where the value of an asset falls below the investment carrying value. Related Reading: A Date For The Mt. Gox Repayment Is Set, How Will This Affect Bitcoin? Bitcoin has lost over 50% of its value in the second quarter of....
Meitu was one among many public companies that purchased Bitcoin to hold as a treasury reserve during the peak of the bull run last year and now joins the list of companies that have suffered heavily due to the bear market. Hong Kong tech giant Meitu made headlines in April last year after it reported nearly $100 million in crypto holdings. However, with the advent of the bear market, the tech firm has lost nearly half of the valuation of its crypto holdings.According to a local media report, Meitu reported an impairment loss of over 300 million yuan, approximately $43.4 million, on their....
Meitu CFO Gary Ngan said the firm would have faced difficulties acquiring crypto on its own as a listed company. Crypto exchange Coinbase's institutional custody platform helped execute the purchase and custodying of roughly $90 million of Bitcoin and Ether for Chinese tech company Meitu.In a blog from Coinbase today, the U.S.-based crypto exchange said Meitu used its services to execute up to $90 million worth of crypto transactions “across multiple marketplaces with minimal market impact.” This month the tech firm purchased 379 Bitcoin (BTC) for roughly $17.9 million and 15,000 Ether....