Meitu buys Bitcoin again, spending about $90 million on cryptocurrencies

Source: Financial Times

According to a report from the Financial Network on March 18, Meitu Inc. (Hong Kong stock 01357) issued an announcement that Miracle Vision further purchased in open market transactions on March 17, 2021 in accordance with the cryptocurrency investment plan: 16,000 units of Ethereum (purchased based on Ethereum), with a total consideration of approximately US$28.4 million; 386.08581655 units of Bitcoin (purchased based on Bitcoin), with a total consideration of approximately US$21.6 million.

As of the date of this announcement, the Group has accumulated a net purchase of approximately US$90 million worth of cryptocurrencies.

Previously, Meitu Inc. issued an announcement stating that the group purchased 15,000 units of Ethereum and 379.12 units of Bitcoin in open market transactions on March 5, 2021, with a total consideration of approximately US$22.1 million and US$17.9 million, respectively (a total of approximately RMB 260 million).

Currently, the top two cryptocurrencies by market value are Bitcoin and Ethereum. Meitu explained that this massive entry into the cryptocurrency market is not only due to investment needs, but also a preparation for entering the blockchain industry.

The Meitu board of directors believes that blockchain technology has the potential to disrupt the existing financial and technology industries, similar to how mobile Internet has disrupted PC Internet and many other offline industries. The announcement shows that the purchase of cryptocurrency is a cryptocurrency investment plan previously approved by the Meitu board of directors.

This may be related to Cai Wensheng's recognition of cryptocurrency, as he had already been involved in the blockchain field in his early years. Public information shows that in 2014, Cai Wensheng invested in OKEx and bought his first Bitcoin.