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Software Firm Meitu Buys $22M of Ether, $17.9M Bitcoin for Its Treasury
Cayman Islands-incorporated Meitu said it bought 15,000 ETH and 379.1 BTC in open market transactions on March 5.
Updated Sep 14, 2021, 12:22 p.m. Published Mar 7, 2021, 1:35 p.m.
Hong Kong-listed Meitu Inc., which makes image and video processing software, said it has purchased $22 million in ether and $17.9 million of bitcoin , making it the first time a firm has disclosed a major purchase of ETH for its treasury.
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- Meitu said it bought 15,000 ETH and 379.1 BTC in open-market transactions on Friday.
- The purchases were made under the terms of a previously board-approved cryptocurrency investment plan that allows the company to invest in up to $100 million in crypto, financed by cash reserves other than any remaining proceeds from Meitu's 2016 initial public offering.
- 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."
- The company said it's evaluating the feasibility of integrating blockchain technology into its overseas business, including launching Ethereum-based dapps. ETH is the native token of the Ethereum blockchain. It's also evaluating potential investments in blockchain-based projects, many of which accept ETH as consideration for investment.
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