Recently Meitu, a publicly listed Chinese technology company has reportedly acquired $28.4 million worth of ether and also bought $21.6 million of bitcoins through a subsidiary.
Bitcoin Acquisition composes part of Miracle Vision’s treasury, Meitu said in the revelation filing on Wednesday. Also, the Ether Purchase is intended to play a role in its broader aspirations in the blockchain space.
The event came into notice when Meitu, a Chinese photo retouching app based in Hong Kong, revealed that it had acquired $40 million worth in BTC and ETH as part of its “cryptocurrency investment plan”. The plan involves the purchase of crypto worth 100 million in the coming future.
Recently its Singapore-based subsidiary has acquired an additional $50 million. Miracle Vision also designs beauty and communication-creator apps.
Meitu’s growing purchases in crypto signify the development and planning of products that would integrate with Blockchain.
The same is also reflected by their recent statement;
“The Group is currently assessing its ability to integrate blockchain technologies across various foreign businesses, many of which are dApps – based but not limited, and identifying investment – friendly overseas blockchain – based projects that can synchronize with hundreds of active global customers per month.
The company said the acquisition of ether was a logical preparation for these ventures. The statement further said that the cost of ether transactions will be stored for any decentralized applications and investments.
And also the Bitcoin purchases are together a part of a broader allocation strategy in the plan.
Considering this The Treasury Management said.
“The board believes that cryptocurrencies have a lot of room to appreciate the value and that diversification by having a portion of its treasury in cryptocurrencies can serve to diversify cash holdings (subject to depreciation pressure due to the aggressive rise of central banks worldwide).”