The ‘Asian MicroStrategy’ exits crypto
Chinese selfie app developer Meitu has cashed out all of its cryptocurrency holdings, earning roughly an 80% profit. The company began selling its crypto assets in November.
In a Dec. 4 statement, Meitu confirmed that it no longer holds any cryptocurrencies.
Meitu invested in 31,000 Ether and 940 Bitcoin in the spring of 2021, earning the nickname Asia’s MicroStrategy.
The company invested an aggregate of $100 million in the cryptocurrencies and ultimately sold them for $180 million, not a bad little return for three years of hodling.
The company stated that the proceeds from the sale would be allocated to working capital, business expansion, and the distribution of special dividends, which can be seen as a bonus to its shareholders.
Headquartered in Xiamen, a port city in southeastern China, Meitu also operates branches in Hong
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Author: Yohan Yun
