Chinese smartphone and internet app maker Meitu has announced a $10 million bitcoin purchase for its vaults, after acquiring the digital asset twice last month. The company currently holds $100 million in cryptocurrencies in Ether and Bitcoins.
Meitu stacks an additional 175 Bitcoins, or $100 million in crypto, on hisbalance sheet.
Meitu revealed another purchase of cryptocurrencies after announcing two purchases last month. According to the report, Meitu HK, which is listed on the Hong Kong Stock Exchange, has the 8. April 2021 over 175 BTC. The company said it paid $10 million for the acquisition, and as of today, Meitu has Ethereum (ETH) and Bitcoin (BTC) worth $100 million on its balance sheet.
The Board of Directors is pleased to announce that on 8. In April 2021, Meitu purchased an additional 175.67798279 bitcoin units for a total of about $10 million, Meitu said in a statement.
Bitcoin.com News reported the company’s latest two purchases in the first two weeks of March 2021. When our news service reported on the company, Meitu already had $40 billion in ETH and BTC. In our second report, Meitu successfully raised $90 million in digital assets to add to its investment plan in cryptocurrencies.
Bitcoin: Form superior to other cost recovery solutions
The company’s recent announcement indicates that bitcoin is a good alternative store of value due to the limited supply of crypto assets, their interchangeability with paper money or goods and services, their portability, and their ability to serve as an effective hedge against the devaluation of paper currency.
The company adds:
Some of these features may even make bitcoin a superior form compared to other alternative activities such as gold, gems and real estate. As an alternative store of value, its price depends primarily on future demand, which is determined by consensus among investors and the public.
Founded 13 years ago, Meitu has become known in China for its selfie apps for photos and smartphone technology. Recently, Meitu reported that its board members are seeing growing momentum in cryptocurrencies. The company pointed to established companies and businesses such as insurance companies investing in crypto.
More publicly traded companies are acquiring cryptocurrencies as part of their cash management and are also considering adopting cryptocurrencies as a payment method for their goods and services, the company said in a statement.
What do you think of the fact that Meitu bought an additional 175 bitcoins this week? Let us know what you think in the comments below.
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