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Chinese firm Meitu buys an additional $50 million in ETH and BTC

Photo of: Joseph Stone
by Joseph Stone

Investing its cash in crypto is not just the preserve of American tech giants like Square. Chinese listed firm Meitu now holds $100 million in Bitcoin and Ether, for example.

In the U.S., listed companies like Tesla, Square and MicroStrategy are leading the way in investing in cryptocurrencies, specifically Bitcoin. In China, Meitu holds that role.

The Chinese tech giant, which has a presence in telephony, now holds $100 million worth of cryptocurrencies. The publicly traded firm is investing its cash in Bitcoin, but also in Ether.

And Meitu was strengthening its portfolio last week. It invested an additional $10 million in cash. This investment followed two earlier rounds of crypto acquisitions.

The $10 million goes to Bitcoin through the purchase of 175 bitcoins. A month earlier, it acquired $22 million worth of Ether and 17.9 million BTC. Moreover, a few weeks later, Meitu did it again.

This time the Chinese firm bought 28.4 million ETH and 21.6 million BTC, climbing to a total of $90 million worth of cryptocurrencies. After its latest acquisition, Meitu thus holds $100 million worth of digital assets.

“The board believes that blockchain technology has the potential to disrupt the existing financial and technology industries, in the same way that the mobile internet disrupted the PC internet and many other offline industries,” Meitu argues.

And like its U.S. counterparts, Chinese player Meitu believes that cryptocurrencies “have a lot of room to grow” in terms of value. Moreover, it sees these digital assets as an alternative to cash.

This institutional interest also benefits an American exchange, Coinbase Institutional, the branch dedicated to these investments. Meitu has entrusted Coinbase with the purchase and custody of its crypto-assets.

The US company MicroStrategy has also used Coinbase for its massive purchases of Bitcoin. The company now holds over $5 billion in BTC, a hedge against the devaluation of the fiat currency.