The Chinese company Meitu announced a 39.5% increase in revenue at the end of 2021 thanks to its investment in Ethereum, but lost money in Bitcoin (BTC). According to published data, at the end of 2021, the company earned 425.6 million yuan on the leading Ethereum altcoin.
Meitu Invests in Bitcoin and Ethereum
Colin Wu, a Chinese journalist writing about blockchain and cryptocurrencies, shared an article from the Chinese media saying that the giant company Meitu made a huge profit in Ethereum and lost money in bitcoin. Last March, the Chinese publicly traded company Meitu, a fintech giant, announced that it had invested in Bitcoin and Ethereum and acquired $22.1 million worth of BTC and $17.9 million worth of ETH.
Bitcoin Loss (BTC) Meitu is known as the creator of a popular photo application with a user base of 456 million customers. As Somagnews previously reported, Meitu became the first public company in China to decide to invest in cryptocurrencies, given the anti-cryptographic environment prevailing in the country since September 2017, when the first cryptocurrency ban was introduced.
Investments in the leading altcoin ETH brought $67 million
According to the report published by the company, the value of Ethereum acquired as of December 31 increased by 425.6 million yuan and amounted to $ 67 million. In addition, the company’s investments in bitcoin (BTC), which is also called digital gold, lost 28.5 million yuan, or $ 4,486,886. On the other hand, the leading altcoin is trading at $3,390.15, which is 13.98% more for the week.
In 2021, Ethereum reached an all-time high, surpassing more than $4,000 in May. Later, after falling below this level, the leading altcoin reached a new historical high, reaching $4891 on November 16. However, Ethereum has fallen below $3,000 after $4,000 in December. ETH has only recently managed to surpass the $3,000 level. Bitcoin is trading at $47,000.