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MarkRoberts
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Meitu’s expenses on crypto

Fri Jul 16, 2021 1:03 pm

In March and April, Meitu purchased a total of 31,000 ETH and approximately 941 BTC, totaling US$100 million at the time. The fair values of its acquired ETH and BTC are now at US$65.2 million and US$32.2 million, respectively, representing a 2.6 percent decrease in overall value.

In its statement, Meitu said that the impairment loss would not affect its cash flow or operations. It stated it has no immediate intentions to sell or buy additional cryptos, citing the board’s belief that the blockchain sector is still in its early growth phases. It added that cryptocurrencies have significant potential for a long-term increase in value.

Meitu, based in the Chinese city of Xiamen, is the first Hong Kong-listed large Chinese business to invest directly in cryptocurrencies, similar to western corporations like MicroStrategy and Tesla. Other previously non-crypto Chinese businesses, such as gaming operator The9 and lottery firm 500.com, have shifted their focus to crypto mining.


https://mycryptoparadise.com/meitu-a-software-firm-loses-us17-3m-on-bitcoin/

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