Chinese Web Firm Meitu Buys $10M More in Bitcoin

Cai Wensheng, founder and chairman of Meitu

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.

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