Stock exchange-listed photo app Meitu acquires $ 40 million in bitcoin and ether
Chinese photo editing app Meitu, listed on the Hong Kong Stock Exchange (HKEX), announced the purchase of $40 million in bitcoin (BTC) and ether (ETH).
In the last Sunday (7), Meitu said they acquired, in last Friday (5), 15 thousand units of ETH and 379.12 units of bitcoin in open market transactions at an average cost of US $ 22.1 million and US $ 17.9 million, respectively.
“These acquisitions were made in pursuit of an investment plan previously approved by the board of directors, under which the Group could make a net acquisition of up to $ 100 million in cryptocurrencies, financed by its existing cash reserves instead of [using ] revenues remaining from the Company’s initial public offering ”, according to the Meitu announcement.
Founded in 2008, Meitu is one of the most popular mobile apps in China, with a market capitalization of 11.7 billion Hong Kong dollars (or $1.5 billion).
As of June 2020, Meitu had 2.5 billion yuan ($384 million) in net and cash financial reserves and had 295 million monthly active users.
Cai Wensheng, president and CEO of Meitu, is known for being pro-bitcoin because, in 2018, in an interview, he said he owned 10,000 BTC.