According to a statement, Meitu Inc., a Hong Kong-listed software firm, is likely to incur a US$17.3 million impairment loss on its Bitcoin assets.
A US$17.3 million decrease in the price of Bitcoin was anticipated to be recorded as an impairment loss in Meitu’s interim results, according to the company, which is best known for its Photoshop filter software. Meitu made a profit of $14.7 million on its Ether investments. Still, the profit will not be recorded as a revaluation gain since the firm treats purchased cryptocurrencies as intangible assets and measures them using a cost model per industry norms.
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