"Meitu", a Hong Kong-listed company that started out as the photo editing app "Meitu Xiu Xiu", has been in the cryptocurrency industry for three years. However, before Bitcoin hit a sky-high price of US$100,000, it decisively cleared all its cryptocurrency assets and sold its holdings. Some Bitcoins and Ethereum were sold out, making profits of nearly US$80 million.
According to the official announcement, Meitu has been selling its cryptocurrency holdings on the market since November. As of December 4, all 31,000 Ethereum coins and 940 Bitcoins have been sold, with a total cash consideration of approximately 100 million each. US dollars and US$80 million, after deducting costs, the total profit was US$79.63 million.
Looking back at Meitu's cryptocurrency investment journey, it can be described as tumultuous.
Meitu initially used $100 million to purchase Bitcoin and Ether in 2021, but this company, known for its selfie editing software, has experienced significant market fluctuations and controversies over the past few years, even suffering financial losses due to market downturns. In July 2022, Meitu warned investors that the company's losses in the first half of the year could expand by 154%.
However, Meitu chose to cash out at the market peak this time, injecting a substantial amount of funds into the company's finances. According to the latest statement, Meitu intends to use about 80% of the net proceeds from the sale for a special dividend, which is expected to be paid in cash between June and July next year.
Meitu stated that the board intends to propose a 'special cash dividend of approximately HKD 0.109 per share', while the remaining profits will be used as general operating funds to expand the company’s subscription-based imaging and design products business.
Looking to the future, Meitu will focus more on the development of its core imaging and design product business, aiming to create better business performance.
The statement emphasizes that after the sale of cryptocurrencies, Meitu will no longer hold any Ether or Bitcoin.
"Entering the cryptocurrency space for 3 years, Meitu is done! Liquidating Bitcoin and Ether, with profits nearing $80 million" this article was first published on (Block客).
