Meitu, a Chinese photo retouching app listed in Hong Kong, has announced it purchased $40 million worth-of bitcoin and ethereum.
The firm said in disclosure Sunday on the Hong Kong Stock Exchange that it has bought 15,000 units of ETH and 379.12 units of BTC in open market transactions at an average cost of $22.1 million and $17.9 million, respectively, on Friday.
“These purchases were made pursuant to a cryptocurrency investment plan previously approved by the board of directors, under which the Group may make a net purchase of up to US$100 million worth of cryptocurrencies, financed by its existing cash reserves other than any remaining proceeds from the Company’s initial public offering,” Meitu said in the announcement.
Founded in 2008, Meitu is one of the most popular mobile apps in China with a market capitalization of HK$11.7 billion ($1.5 billion). As of June 2020, Meitu held 2.5 billion yuan ($384 million) in cash and liquid financial reserve and had 295 million self-repor

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