Both the BTC and ETH they bought cost them about $22.1 million and $17.9 million in cash respectively. Based on a report, Meitu bought both the BTC and ETH assets in line with a previous investment plan authorized by its board of directors.
The company said,
However, in their investment plan, the company claimed that it will buy up to $100 million worth of crypto. Also, the firm’s crypto purchase will be financed by its cash reserves instead of its Initial Public Offering (IPO).
Hence, the firm plans to buy an extra $60 million worth of cryptos under an approved plan. At this time, it seems Meitu aims to buy more ETH instead of BTC.
This article first published on coinquora.com
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Source: Cryptocurrency - investing.com
