Major Chinese Public Company Invests $40M in BTC and ETH
Main page News, Bitcoin, Ethereum

Meitu, a popular Chinese photo retouching app listed on the Hong Kong stock market that was founded in 2008, has invested $40M in Bitcoin and Ethereum.

In particular, the company, which has a market capitalization of HK$11.7B, has reported that last Friday it 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 company, "these purchases were made pursuant to a cryptocurrency investment plan previously approved by the board of directors, under which the Group may make a net purchase of up to US$100 million worth of cryptocurrencies, financed by its existing cash reserves."

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Notably, its chairman and founder Cai Wensheng said back in 2018 that he owned around 10,000 BTC at the time.

Meitu has just joined other companies such as Square, Tesla and MicroStrategy, which have recently announced significant investments in BTC.

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