Chinese Tech Firm Upping Its Bitcoin and Ether Bags

Just a few days after an exclusive entry into the crypto space, Chinese Technology Firm, Meitu Inc revealed that it had acquired additional BTC and Ether. A bigger investment this time.

The company’s previous investment which marked its first venture into the crypto space saw a purchase of $40 million worth of BTC and ETH.

According to a Wednesday announcement, the tech company unveiled another purchase of 386.08581655 BTC and 16000 ETH worth about $21.6 million and $28.4 million respectively.

Thus, Meitu has snapped up its crypto holdings to over $90 million as of publication.

A facilitator to the booming market

It has become a general opinion that the recent appreciation in the value of BTC can be traced down to the crypto’s massive adoption by large firms.

The price of BTC has been on a skyrocketing pace since many big firms have been acquiring Bitcoin enormously.

Meitu is a Hong Kong Stock Exchange-listed smartphone company with a flagship app that sees over 1 million internal and international users. This makes the company another value facilitator following its recent transits.

With Meitu joining the queue of public firms that are massively acquiring crypto, it has emerged as the latest tech company dubbed the “Asian MicroStrategy”.

An Alternative to Fiat

Meitu considers holding cryptocurrencies to be a better alternative to holding fiat. It noted that its acquired coins, (BTC and ETH) are prone to price fluctuation, thus forecasting that it would keep appreciating in the near future.

The company cited its opinion saying,

“The Board believes cryptocurrencies have ample room for appreciation in value and by allocating part of its treasury in cryptocurrencies can also serve as a diversification to holding cash (which is subject to depreciation pressure due to aggressive increases in money supply by central banks globally) in treasury management.”