Chinese tech company Meitu adds $40m worth of crypto to its balance sheet

Meitu, a major Chinese tech company, announced yesterday that it has bought $40 million worth of crypto – $22 million in ether (15,000 ETH) and $17.9 million in bitcoin (380 BTC).

Are Asian entrepreneurs starting to follow @michael_saylor & @elonmusk ? Chinese tech company Meitu (https://t.co/VfUwTjuL1Z) just announced they have purchased $40 mil. worth of crypto, including 380 #Bitcoin (~$47105/BTC) and 15,000 #Ethereum (~$1473/ETH) on March 5, 2021.

— cnLedger (@cnLedger) March 7, 2021

Meitu is a Hong Kong-listed smartphone manufacturer and selfie app software company with a market cap of $11.76 billion.

In a statement regarding the purchase, the company said its board believes blockchain has the potential to disrupt the finance and technology sectors, noting that “the blockchain industry is still in its early stage, analogous to the mobile internet industry in circa 2005.”

It added that it could also choose to use Ethereum in its apps, as the Ether purchased would “become the gas reserve for the Group’s potential dAPP(s) to consume in the future, as well as being used as consideration for investing in blockchain-based projects that take Ether as consideration.