Chinese Tech giant Meitu loses over $43M to the crypto bear market

In April last year, Hong Kong tech giant Meitu reported nearly $100 million in crypto holdings.

Today, with the crypto winter biting hard, the tech firm has lost nearly half of the valuation of its crypto holdings.

Meitu has reported an impairment loss of over 300 million yuan, approximately $43.4 million, on their crypto holdings.

Impairment losses occur when the value of an asset falls below the carrying value of the investment.

The tech giant has said that its crypto holdings could impact the net loss of the company by the end of the first half of the year.

In a July exchange filing, Meitu reported crypto holdings of about 940 Bitcoin (BTC) and 31,000 Ether (ETH), purchased for $49.5 million and $50.5 million respectively.

By the end of the second quarter of 2022, the firm has lost nearly half of the valuations of its investment.

Leave a Reply

Your email address will not be published.