Meitu loses $17.3million on Bitcoin, gains $14.7million on Ether
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Meitu loses $17.3million on Bitcoin, gains $14.7million on Ether

Saudu Clement
Saudu Clement

Software company Meitu Inc. has reportedly lost up to $17.3 million on its Bitcoin investments. On the flip side, amid the recent crypto market crash, the firm saw a profit of about $14.7 million on its Ether holdings.

The Hong Kong-based firm, popular for its Photoshop filter app, invested a total of $100million on Bitcoin and Ethereum between March and April 2021. It acquired a total of 940.89 BTC for $49.5million and 31,000 ETH for $50.5million.

To put things in perspective, the Meitu purchased Bitcoin at an average price of $52,600 per token, while it spent an average of $1,629 on Ethereum. The current value of its investment stands at $32.2million for Bitcoin and $65.2million for Ethereum. This is a 2.6% drop from the initial US$100million investment.

Meitu stated in an announcement on June 6 that its operations would carry on as usual, but it had no plans to deal on cryptocurrencies for the time being until the blockchain industry grows past its infancy.

The Board believes that the blockchain industry is still in its early stage and that cryptocurrencies have ample room for appreciation in value over the long-term.