Chinese company Meitu announced that they saw a revenue increase of 39.5 percent at the end of 2021 thanks to their Ethereum investment, but lost money in Bitcoin (BTC). According to the data released, the company earned 425.6 million yuan from the leading altcoin Ethereum at the end of 2021.
Meitu invests in Bitcoin and Ethereum
Chinese journalist Colin Wu, writing on blockchain and cryptocurrencies, said from a Chinese media outlet that the giant company Meitu has made huge profits in Ethereum and He shared an article saying he lost money in Bitcoin. In March last year, Chinese publicly traded company Meitu, a fintech giant, announced that it has invested in Bitcoin and Ethereum, and has acquired $22.1 million worth of BTC and $17.9 million worth of leading altcoin ETH.
Meitu, a Chinese listed company, disclosed its 2021 financial report: As of December 31, 2021, the value of the purchased Bitcoin was depreciated by RMB 28.5 million, and the purchased ether was increased by approximately RMB 425.6 million.https://t.co/SC5KO993Ry
— Wu Blockchain (@WuBlockchain) March 30, 2022
Meitu losing from Bitcoin (BTC), It is known as the maker of a popular photo app with a user base of 456 million customers. Considering the anti-crypto environment that has prevailed in the country since September 2017, when the first crypto ban was implemented, as we previously reported as Kriptokoin.com, Meitu has become the first publicly traded company in China to choose to invest in cryptocurrencies.
Investment in the leading altcoin ETH brings $67 million
According to the report announced by the company, the value of Ethereum purchased as of December 31, increased by 425.6 million yuan, amounting to $67 million. In addition, the company’s investment in Bitcoin (BTC), which is also described as digital gold, has lost 28.5 million RMB, or $ 4,486,886. On the other hand, the leading altcoin is trading at $3,390.15, up 13.98 percent in a week.
In 2021, Ethereum hit an all-time high above $4,000 in May. Later, after falling below this level, the leading altcoin hit a new historical high of $4,891 on November 16. However, Ethereum dropped below $3,000 after $4,000 in December. ETH has only recently managed to surpass the $3,000 level. Bitcoin is trading at $47,000.
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