The ‘Asian MicroStrategy’ exits crypto
Chinese selfie app developer Meitu has cashed out all of its cryptocurrency holdings, earning roughly an 80% profit. The company began selling its crypto assets in November.
In a Dec. 4 statement, Meitu confirmed that it no longer holds any cryptocurrencies.
Meitu invested in 31,000 Ether and 940 Bitcoin in the spring of 2021, earning the nickname Asia’s MicroStrategy.
The company invested an aggregate of $100 million in the cryptocurrencies and ultimately sold them for $180 million, not a bad little return for three years of hodling.
China’s selfie app developer cashes in on its Bitcoin investment to net $80 million in profits. (Google Play)
The company stated that the proceeds from the sale would be allocated to working capital, business expansion, and the distribution of special dividends, which can be seen as a bonus to its shareholders.
Headquartered in Xiamen, a port city in southeastern China, Meitu also operates branches in Hong Kong, Taiwan, and the United States. It is listed on the Hong Kong Stock Exchange, with its investment arm, Meitu Investments, registered in the British Virgin Islands.
Meitu’s decision to liquidate its cryptocurrency holdings runs counter to the broader trend in Asia.
Japan’s Metaplanet, which can now be said to hold the “Asian MicroStrategy” nickname with its aggressive Bitcoin accumulation, now holds over 1,100 BTC. Meanwhile, Hong Kong-based Booya Interactive recently exchanged its $49 million Ether holdings for Bitcoin.
Metaplanet also announced a partnership with SBI VC Trade, a subsidiary of financial services giant SBI Holdings, to host a Bitcoin giveaway lottery for 2,350 eligible shareholders, further cementing its commitment to cryptocurrency.
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