Chinese company buys a whopping $ 100 million worth of bitcoin (BTC) and ethereum (ETH) in a month

Meitu, a Hong Kong tech company, has bought an additional 176 bitcoin (BTC) for $ 10 million. The company announced this in a press release, published on April 8.

Meitu mainly builds apps for smartphones aimed at selfies. The company has 13 apps installed on more than 1.1 billion devices, the company’s best-known apps are MakeupPlus, Airbrush, BeatyPlus, MeituPic and Meipai.

The company already bought 379 BTC for $ 17.9 million and 15,000 ether (ETH) for $ 22.1 million in early March. Then on March 17, the company bought an additional 386 BTC for $ 21.6 million and 16,000 ETH for $ 28.4 million.

That means that with the new investment, Meitu now owns a whopping $ 100 million worth of bitcoin and ether, and these were bought in less than a month. The press release reports that the board of Meitu sees a lot of potential in the underlying blockchain technology:

“The council believes blockchain technology has the potential to disrupt existing financial and technology industries, much like how mobile internet has transformed the PC internet and many other offline industries.”

The earlier investments were made through Coinbase’s over-the-counter (OTC) trading desk, the major US crypto exchange. MicroStrategy and Tesla had also bought their billions of Bitcoin in this way. However, this new $ 10 million investment was conducted through OSL, Hong Kong’s first regulated crypto exchange: