Hong Kong-listed Meitu, which makes image and video processing software, said it had purchased $17.9 million of bitcoin. Meitu said it bought 379.1 BTC in open market transactions on March 5. The board-approved purchases are part of an investment plan that allows the company to put up to $100 million in crypto, financed by cash reserves.

While the company said that while buying crypto helps diversify its holdings away from cash, "More importantly, the Board considers this a demonstration to investors and stakeholders that the Group has the vision and determination to embrace technological evolution, and hence preparing its foray into the blockchain industry."