Chinese Tech Company Meitu Purchased $49M More In BTC, ETH

Chinese Tech company Meitu has just purchased another $49 million in BTC and ETH, after the recent purchase on March 7 where the company announced that it bought $40 million in crypto so let’s read more in our latest altcoin news today.

The Chinese Tech company Meitu now holds more than $90 million in digital assets, after the announcement today that it purchased more ETH and BTC and brought its total crypto holdings to $90 million. Meitu makes smartphones and selfie apps and is a very popular company in the region.  It managed to snap up about $22 million in ETH and $17.9 million in BTC earlier this month but today it announced it bought an additional $28.4 million ETH and $21.6 million BTC according to the statement:

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

Meitu is the latest tech company that made a huge crypto purchase as the value of cryptocurrencies continued rising. BTC exploded in price since the COVID-19 shaken economies around the world and is trading at $58,605 as of the time of writing marking a 1000% increase in one year. The bounce back is thanks to the big companies that are purchasing the currency. The cloud software company MicroStrategy was the first to purchase a huge amount in BTC and it sees the wonders of “digital gold” amid a recovering economy and the inflationary monetary policies of the part of the US Federal Reserve with the company holding more than $5 billion in BTC.

The company was followed by payments company Square which purchase $50 million in the currency and earlier this year, Square put another $170 million into it. Tesla is the latest giant to invest in the currency as the company completed a $1.5 billion BTC purchase which boosted the price higher. Meitu is following suit as the company purchased another 16,000 ETH and 386 BTC because it believes the cryptocurrencies have more room for rising.

The company added that it is allocating part of its treasury in BTC and ETH is quite useful as an alternative to cash which is subject to depreciation as per the company. Meitu added that blockchain technology has the potential to disrupt both the current technology industries and the existing financial ones. The statement added:

 “Notwithstanding the long-term prospects, cryptocurrency prices in general are still highly volatile and therefore the Board currently decided to invest in the two largest cryptocurrencies by market capitalization, Ether and Bitcoin, which the Board believes should enhance shareholder value in the long-term.”