Publicly-listed Chinese software firm Meitu buys $18M worth of BTC
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."
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."
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