It has been reported that the Hong Kong and China-listed company purchased 386.08 BTC for $21.6 million, and 16,000 ETH for around $28.4 million, on March 17.
However, the most recent announcement follows an initial cryptocurrency investment on March 5, in which the company acquired 15,000 ETH for around $22.1 million and around 379 BTC for approximately $17.9 million.
The report said that the company noted that while cryptocurrency is still in its formative stages, it believes that blockchain technology has the potential to be a disruptive force in existing financial and technology industries.
The company added:
“The Board believes that the blockchain industry is still in its early stage, analogous to the mobile internet industry in circa 2005. Against this backdrop, the Board believes cryptocurrencies have ample room for appreciation in value.”
Likewise, the company also cited the growing trend of large institutions such as Tesla and Microstrategy accumulating Bitcoin, and the increasing acceptance for cryptocurrency as a form of payment for goods and services in mainstream society, as reasons for the additional purchase. Meitu went public in 2016 and is listed in China and Hong Kong.
Meitu has now invested a total of $90 million into the two leading cryptocurrencies — with 56% allocated to ETH and 44% to BTC. https://t.co/wB31plXiXk — Cointelegraph (@Cointelegraph) March 18, 2021
The tech company developed MeituPic, an app that lets users edit and retouch photos that is popular in mainland China, Hong Kong, and Taiwan.
Thus, Chinese journalist Wu BlockChain suggested:
“The first Chinese listed company to buy a large amount of Bitcoin.”