Meitu has reported losses of $17.3 million on its Bitcoin holdings, with its Ether investment having gained $14.7 million despite the recent crypto downturn.
Hong Kong tech company Meitu has taken a $17.3 million hit on its Bitcoin (BTC) holdings — but on the upside, its Ether (ETH) holdings have gained $14.7 million.
The developer of popular Photoshop-style apps spent a total of $100 million on BTC and ETH between March and April this year, acquiring a total of 940.89 BTC for $49.5 million, and 31,000 ETH for $50.5 million.
Interestingly, the firm also provided an updated fair value of its ETH and BTC holdings as of July 6, which reveals an overall $5.2 million gain on its initial investment, with ETH representing $72.4 million, and BTC up slightly to $32.8 million.
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