Meitu saw a 39.5% income increase by the end of 2021, thanks to their Ethereum investment, and lost money on Bitcoin
Chinese crypto journalist Colin Wu, who covers all things blockchain and crypto, shared an article from a Chinese media, claiming that Chinese giant Meitu had made huge profits on Ethereum and lost money on Bitcoin.
As per the data disclosed by the company, by the end of 2021, they had earned 425.6 million yuan on the second largest cryptocurrency.
Meitu invests in Bitcoin and Ethereum
In March last year, listed Chinese company Meitu, a fintech giant, announced that it had invested in the two biggest digital currencies, Bitcoin and Ethereum, investing $22.1 million in BTC and buying $17.9 million worth of ETH.
Meitu is the producer of a popular photo app that boasts a user base of 456 million clients. It was the first publicly traded company in China that chose to invest in cryptocurrencies, considering the anti-crypto environment that has been dominant in the country since September 2017, when the first crypto ban was imposed.
It was followed by the Chinese central bank’s work on its own CBDC (known as DCEP), and a ban on crypto mining and cryptocurrency operations in September 2021, which sent several pools on the run. and mining exchanges from the country to the United States and Kazakhstan.
ETH investment brings $67 million
According to the report disclosed by the company, as of Dec. 31, the value of the purchased Ethereum had soared by 425.6 million yuan, which is the equivalent of $67 million.
As for Bitcoin, the company’s investment in digital gold depreciated by 28.5 million RMB: $4,486,886.
In 2021, Ethereum soared to an all-time high above $4,000 in May. Later on, after going back under that level, ETH reached a new historic peak, hitting $4,891 on Nov. 16.
Ethereum dipped back below $4,000 in December, dipped below $3,000, and only recently managed to recover the latter.
