Hong Kong-listed Meitu Inc. making image and video clip processing pc software, said it had bought $22 million in ether (ETH, +3.74%) (ETH) and $17.9 million of bitcoin (BTC, +1.41%) (BTC), which makes it the time that is very first firm has disclosed an important purchase of ETH for its treasury.
Meitu stated it purchased 15,000 ETH and 379.1 BTC in open market deals on March 5.
The acquisitions had been underneath the regards to a cryptocurrency that is previously board-approved plan enabling the organization to hold to $100 million of crypto, financed by money reserves other than any remaining arises from Meitu’s 2016 IPO.
Although the company stated that while buying crypto assists diversify its holdings far from money, “More importantly, the Board considers this a demonstration to investors and stakeholders that the Group has the eyesight and dedication to embrace development that is technical and hence planning its foray to the blockchain industry.”
The organization said it is assessing the feasibility of integrating blockchain tech into its company that is overseas establishing Ethereum-based dApps. ETH may be the token that is native of Ethereum blockchain. It is also evaluating investments that are possible blockchain-based tasks, many of which accept ETH as consideration for investment.