Meitu purchased another $10 million in Bitcoin

Earlier Meitu Technology announced its strategic investment in cryptocurrencies and carried out blockchain value reserves. At that time, Meitu Technology purchased cryptocurrencies worth 40 million U.S. dollars.

At the same time, the company stated that it will use 100 million US dollars of cash reserves to invest in cryptocurrencies with the approval of the board of directors, and then on March 18, Meitu Technology announced that it would continue to buy Bitcoin.

After the completion of the buyout, the accumulated cryptocurrency purchased by Meitu Technology reached 90 million US dollars. According to the previous plan, the company still has an investment quota of 10 million US dollars that has not been used.

“Bitcoin vs. Ethereum”by QuoteInspector is licensed under CC BY-ND 2.0

Now the remaining US$10 million investment quota has been completed, on April 8th, Meitu Technology purchased 175.6 bitcoins at a unit price of US$56,900.

According to the public data released by Meitu Technology, the total amount of Bitcoin held by Meitu Technology is 940.76 with an average price of 57,081 US dollars.

The cumulative average price of 31,000 Ethereum held by Meitu Technology is US$1,493, and the corresponding total investment amounts are US$53.7 million and US$46.3 million, respectively.

Meitu Technology previously announced that the board of directors had previously approved the cryptocurrency investment plan. According to the plan, Meitu can purchase cryptocurrency with a net value of no more than 100 million U.S. dollars.

The founder of Meitu Technology stated that the company will continue to deploy the blockchain. The purchase of Bitcoin and Ethereum this time is the company’s strategic value reserve for the development of the blockchain.

Meitu’s board of directors believes that cryptocurrencies have enough room for appreciation, and at this time, it is helpful to diversify risks by allocating part of its cash to cryptocurrencies.

Via: blockchain