After the firm disclosed the purchase of additional $10 million worth of Bitcoin, The total value of the cryptocurrency being held by the Hong Kong tech company, Meitu, is valued at $100 million.
Also, for a combined price of $ 10 million, Meitu HK, the wholly-owned Hong Kong subsidiary of Meitu Inc (incorporated in the Cayman Islands), acquired 175.67798279 units of Bitcoin. The aforementioned implies that Meitu Hk made a purchase of price of $57,000 per coin. The existing cash reserves of the firm was used to make the purchase, premised on the spot prices on the open market.
Last month, Meitu racked up $90 million worth of cryptocurrency purchases split between Bitcoin and Ether (ETH). Following Thursday’s latest acquisition, the firm has now purchased $49.5 million worth of BTC and $50.5 million worth of ETH.
The firm previously stated that it couldn’t have made its prior purchases without the help of United States-based cryptocurrency exchange Coinbase. No mention of Coinbase was made in the latest disclosure, however, the exchange has been responsible for handling the investments of other corporate entities, such as MicroStrategy, in the past.