Chinese tech company Meitu carried out $90 million investments on bitcoin (EXANTE: Bitcoin) and ether (ETH) through Coinbase Institutional, the exchange announced in its recent blog post.
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According to Kayvon Pirestani, Head of APAC Institutional Coverage, Meitu used Coinbase's algorithmic execution and smart order routing tools on agency-only OTC trading desk. The acquired assets were then transferred to the exchange's custodian Coinbase Custody. Meitu CFO, Gary Ngan, says allocating the company's balance sheet in cryptocurrencies is like "navigating through uncharted waters."
The Chinese developer of mobile applications now hodls 386 BTC and 16,000 ETH. The purchases were made pursuant to a cryptocurrency investment plan previously approved by the board of directors, under which the company could make a net purchase of up to $100 million worth of cryptocurrencies.
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