Hong-Kong tech company Meitu increased the total value of its cryptocurrency assets to nearly $ 100 million after it announced on April 8 that it purchased an additional $ 10 million worth of Bitcoin (BTC).
Meitu HK, wholly owned by the Meitu company, announced that it purchased 175,67798279 units of Bitcoin worth $ 10 million. Accordingly, around $ 57,000 seems to have been paid per BTC. It was reported that the purchase was made at spot prices in the open market, using existing cash reserves.
Last month, Meitu purchased $ 90 million worth of cryptocurrencies, including Bitcoin and Ether (ETH). After the last purchase on Thursday, the firm acquired $ 49.5 million worth of BTC and $ 50.5 million worth of Ethereum.
The company has previously stated that it cannot make previous purchases without the help of the US-based cryptocurrency exchange Coinbase. Coinbase was not mentioned in the latest statement, but the exchange had stated in the past that it managed the investments of other institutional entities such as MicroStrategy.
In the statement, Bitcoin’s usefulness as a store of value was mentioned, thanks to its limited supply. In addition, it was emphasized that its easy-to-carry structure and the aggressive coinage policies of central banks provide against inflation.