Meitu Buys $10 Million Worth of Bitcoin

Meitu, a leading Chinese app developer, announced today that the company has expanded its cryptocurrency portfolio with the addition of approximately 175 Bitcoin. The total value of the recent transaction stands at around $10 million.

According to the official announcement, Meitu now holds more than $100 million worth of Bitcoin and Ethereum. In March 2021, Meitu revealed its cryptocurrency investment plan and purchased nearly 15,000 ETH along with 379 BTC in a deal worth $40 million.

The technology firm accelerated its accumulation of Bitcoin and Ethereum in the third week of March after the company added $50 million worth of ETH and BTC to its cryptocurrency portfolio. Meitu now has more than 30,000 units of Ethereum.

“The Board is pleased to announce that on April 8, 2021, Meitu HK, a wholly-owned subsidiary of the Company, had pursuant to the Cryptocurrency Investment Plan, further acquired in open market transactions, an additional 175.6 units of Bitcoin at an aggregate consideration of approximately $10 million under the Further Bitcoin Acquisition. At the date of this announcement, the Group has accumulated a Net Purchase of approximately US$100 million worth of cryptocurrencies,” Meitu mentioned in the official announcement.

The price of the world’s largest cryptocurrency remained stable during the last few days. According to the latest published by Coinmarketcap, Bitcoin is up by nearly 3% in the last 24 hours. BTC is currently trading near $58,500 with a market cap of more than $1.08 trillion. The volatility of Bitcoin has dropped in the last few days as the digital currency is trading in a tight range. JPMorgan, a leading investment bank, recently published a research note and mentioned that a drop in BTC’s volatility is attracting institutional investors.

Since the start of this, Bitcoin’s market dominance has dropped significantly. BTC currently has a market dominance of 55.2%, down from 70% in January 2021. Ethereum, the world’s second-largest digital currency is trading near $2,080 with a market cap of approximately $240 billion.

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