Investment Breakdown
Meitu, the tech company known for its photo-editing app, has made headlines with a massive investment spree in cryptocurrencies. Just this month, it has committed around $90 million to Bitcoin and Ethereum, a move that’s raised eyebrows in both the tech and financial sectors.
The Latest Acquisitions
On March 17, the company took the plunge again, adding:
- 386.08 BTC for $21.6 million
- 16,000 ETH for $28.4 million
This followed their earlier acquisitions on March 5, where they had already scooped up:
- 15,000 ETH for $22.1 million
- 379 BTC for $17.9 million
Why All The Fuss?
But what’s driving this frenzy? Meitu’s board is convinced that we’re witnessing the dawn of a vibrant blockchain landscape:
“The blockchain industry is still in its early stage, analogous to the mobile internet industry in circa 2005.”
This forward-looking sentiment is fueled by the growing inclination of major companies, like Tesla and MicroStrategy, embracing Bitcoin. It seems like everyone wants a piece of the crypto pie!
Regulatory Challenges in China
However, it’s not all rainbows and butterflies. The regulatory road for crypto in China is as clear as mud. Though Bitcoin is recognized as a virtual commodity, trading platforms are limited in their operations:
- Exchanging legal tender for cryptocurrencies? Not a chance.
- Large-scale crypto purchases might be a rarity among publicly listed companies in China.
The Meitu Phenomenon
Founded in 2016, Meitu has made quite a name for itself with its popular photo-editing app used widely in China, Hong Kong, and Taiwan. And now, with its foray into cryptocurrencies, Meitu is positioning itself as a tech company that’s not afraid to innovate—even in the turbulent world of digital currencies.
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