Chinese app developer Meitu said Thursday it purchased 175.6 bitcoin for $10 million, bringing its total holdings of the cryptocurrency to over 940 coins.
- The Hong Kong Stock Exchange-listed company has invested $100 million in bitcoin and ether positions since adopting a “cryptocurrency investment plan” in early March.
- The company is part of a broader trend of publicly traded firms diversifying their cash treasury with bitcoin during the coronavirus pandemic.
- Notably, Meitu, which also owns ETH, said it is buying crypto to prep for a “foray into the blockchain industry.”
- Meitu held 31,000 ETH and over 940 BTC Thursday. It has invested roughly the same amount in both cryptos, though the ETH position, at nearly $64 million, was worth more at press time.
- Is Coinbase the Next Netflix, or a Blockbuster Video-in-Waiting?
- Signal Founder May Have Been More Than a Tech Adviser to MobileCoin
- What To Expect Ahead of Coinbase’s Public Listing Next Week
- Fewer People Used Stimulus Checks to Buy Bitcoin Than Expected
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.