Meitu, photo processing software developer listed on the Hong Kong stock market, has invested $89 million
Meitu, photo processing software developer listed on the Hong Kong stock market, has invested $89 million in the two largest cryptocurrencies by capitalization. The firm acquired an additional $49 million in digital assets via a subsidiary.
On March 5 Meitu bought 15,000 Ethers and 379.12 Bitcoins through open market transactions at an average cost of $22.1M and $17.9M, respectively.
According to the statement, on March 17, Miracle Vision, the company's subsidiary, acquired 16,000 ETH for ~ $28.4 million and 386.08 BTC for ~ $21.6 million in the same way.
The acquisition of the digital assets by the firm, wholly owned by Meitu, was carried out in accordance with the cryptocurrency investment plan previously adopted by the parent company's board. The plan provides for the purchase of digital assets worth up to $100 million.
Meitu stated that it is considering Bitcoin as an alternative to traditional store of value and a hedging asset against depreciation of fiat reserves due to central bank policies.