Golden Sentinel | Meitu bought 175 BTC again, and the floating profit of crypto investment may exceed 2 times the profit of last year

Meitu strikes again.

Meitu issued the latest announcement on the Hong Kong Stock Exchange. Following March 7 and March 17, the company further purchased 175.67798279 units of bitcoin in open market transactions on April 8 under the cryptocurrency investment plan. The total consideration About $10 million. So far, the company's total investment in digital currency has reached 100 million US dollars.

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The directors believe that the terms of the further bitcoin purchases are fair and reasonable and on normal commercial terms, which are in the interests of the Company and its shareholders as a whole.

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In addition, the bitcoin units purchased by Meitu will be stored on a well-known cryptocurrency trading platform hired by the group and with good security measures in place.

Jinse Finance live report Wang Huiyao, Counselor of the State Council: Blockchain has four impacts on Chinese society: Jinse Finance live report, Director of China and Globalization Research Center, Counselor of the State Council at the Blockchain Education Innovation Forum "Linking the Brain - Blockchain Education Opportunities and Prospects" roundtable forum pointed out that the impact of blockchain on China mainly has four aspects: first, blockchain thinking encourages innovation; second, fully promotes the initiative of individuals; third, it is beneficial to the construction of China's credit system; It is the promotion of the cultivation of blockchain talents to the society as a whole. [2018/4/21]

This is the third time that Meitu has invested in cryptocurrencies in the past month. According to the current market situation, if Meitu has not reduced its position throughout the process, as of press time, the relevant investment has recorded a floating profit of nearly 19 million US dollars, which will reach more than 200% of Meitu's 2020 annual net profit after being converted into RMB.

As mentioned earlier, Meitu’s purchase of Bitcoin dates back to March 7. On the same day, Meitu announced that the group purchased 15,000 units of ether and 379.1214267 units of bitcoin in open market transactions on March 5, 2021. They are valued at approximately US$22.1 million and US$17.9 million respectively, with a total investment of US$40 million.

On March 17, Meitu once again stated that its wholly-owned subsidiary, Miracle Vision, further purchased 16,000 units of Ethereum at a total consideration of approximately US$28.4 million; 386.08581655 units of Bitcoin at a total consideration of approximately US$21.6 million.

According to a statement from Coinbase, Coinbase Institutional was chosen as the sole execution and custody partner for Meitu’s initial and second cryptocurrency transactions.

Cai Wensheng, the founder of Meitu, posted in Moments after the group’s first purchase of bitcoin, saying: “Meitu continues to lay out the blockchain, and this time it buys ETH and BTC digital currencies as a value reserve for long-term development of the blockchain strategy.” He said , Meitu is the first Hong Kong-listed company to purchase BTC and other digital currencies, and it is also the first listed company in the world to use ETH as a currency value reserve.

As of press time, Meitu’s share price was 2.75, an intraday increase of 5.77%.

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