Meitu, Inc. Purchases $22.1M ETH and $17.9M BTC for Its Treasury

According to Hong Kong Economic Times, Cayman Islands-incorporated, Hong Kong-listed Meitu. Inc (HKG:1359) said it bought 15,000 ETH and 379.1 BTC in open market transactions on March 5. The purchases were under the terms of a previously board-approved cryptocurrency investment plan that allows the company to put up to $100 million of crypto, financed by cash reserves other than any remaining proceeds from Meitu's IPO. While the company said that while buying crypto helps diversify its holdings away from cash, "More importantly, the Board considers this a demonstration to investors and stakeholders that the Group has the vision and determination to embrace technological evolution, and hence preparing its foray into the blockchain industry."

Wensheng Cai, the founder of Meitu, shared the "moment" on Wechat, "Meitu company will continue our blockchain deployment. The cryptocurrencies we purchased are the store of value for the long-term strategy of our blockchain development." And he commented: "Meitu is the first Hong Kong-listed company which purchases BTC digital currency, and also the first listed company in the world which uses ETH as its reserve currency."

by Sara Zhang

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