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Meitu Takes $17.3 Million Hit on Its Bitcoin Holdings

Meitu, an Asian tech company, recently disclosed that its Bitcoin holdings’ fair value has fallen by $17.3 million. According to the company, the decline in value since then will be considered an impairment loss in the Interim Reports.

Contrary to its Bitcoin holdings reported a $14.7 million increase in the fair value its Ethereum holdings. The technology company purchased Bitcoin and Ethereum worth nearly $100 million earlier this year.

Meitu announced that it had purchased 15,000 Ethereum and 379 bitcoin in the first week March 2021. This total amount is $40 million. The Asian firm increased’s BTC and Ethereum accumulation by adding 16,000 Ethereum and 386 Bitcoin on 17 March.

“Since the Cryptocurrencies Acquisitions the Group has not acquired or sold any cryptocurrency pursuant to the Cryptocurrency Investor Plan (including any Ether and Bitcoin). The announcements stated that the Board believes the HTML3_ HTML3_ industry is still very young and that cryptocurrencies can appreciate in value in the long-term. There are no plans to sell these cryptocurrencies in the immediate future. “The acquired Cryptocurrencies will be counted as intangible assets in the Group’s interim results for the 6 month ended June 30, 2021,” Meitu stated in an official announcement.


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