Meitu, one particular of the handful of public businesses investing in Bitcoin, announced a reduction of virtually $ 44 million due to the bear marketplace.
As Cointelegraph reported, Meitu very first announced the invest in of $ forty million in BTC and ETH in March 2021. At the time, Meitu was one particular of the handful of public businesses to announce an investment in Bitcoin. just after MicroStrategy and Tesla.
Not lengthy just after, Meitu went on to obtain a different $ 49 million in BTC and ETH, sooner or later finishing the “$ 100 million plan”. In complete, the Chinese tech corporation held 940 BTC and 31,000 ETH, well worth $ one hundred million at the time of invest in.
Unfortunately, these investments did not generate the anticipated returns. Conversely, due to the fact Meitu invested in cryptocurrencies, the marketplace has taken a downward flip. The marketplace is at present in a lengthy-phrase bearish phase in 2022.
Local media reported that Meitu misplaced 300 million yuan, equivalent to $ 43.three million. As this kind of, Meitu’s cryptocurrency investment misplaced virtually 50%.
Of program, due to the basic marketplace predicament, Meitu is not the only corporation to reduce dollars due to the “swinging” of Bitcoin. By the finish of the 2nd quarter, MicroStrategy misplaced $ 918 million, Michael Saylor had to stage down as CEO.
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