Meitu announced a $40 million investment in Bitcoin and Ethereum, making the Chinese company the first to disclose an Ethereum investment for its treasury.
The board of the company had previously planned to invest up to $100 million in cryptocurrencies. The company’s cash reserve will finance the latest $40 million purchase.
In the attached statement, the board insisted on diversifying the investment into the two major cryptocurrencies. $22.1 million will be invested in Ethereum, making Meitu the first to add ETH to its balance sheet. Previous corporate investments have only been in Bitcoin. This is the case of Tesla’s landmark $1.5 billion purchase and MicroStrategy’s regular investments, the last of which happened three days ago.
