Meitu spends over $50 million on Bitcoin and Ether

crypto

Hong Kong-listed software firm Meitu has announced new crypto currency investments, having already splurged $39.9 million on bitcoin and ether earlier this month.

The company said Wednesday it has, through its subsidiary Miracle Vision, bought another 16,000 ETH valued at around $28.4 million and 386.086 BTC valued at approximately $21.6 million.

All told, the company now has $50.4 million in ether and $39.5 million in bitcoin, bringing its combined crypto holdings to the equivalent of a little over $90 million.

Meitu said the crypto assets had been bought for cash on the open market in transactions completed Wednesday.

The bitcoin and ether are being held in secure custody with “renowned” cryptocurrency trading platforms, the firm said.

The purchases were made under the terms of a board-approved investment plan that allows the company to invest in up to $100 million in cryptocurrencies.

Cayman Islands-incorporated Meitu is a provider of image and video processing software.

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