Hong Kong-listed tech firm Meitu has officially exited the cryptocurrency market, selling all of its assets, including around 31,000 ETH and 940 BTC, as of today. The move marks the end of Meitu’s two-year experiment with digital assets, during which it made a total profit of $79.63 million from the sales.
The company announced that it plans to use approximately 80% of the proceeds from these cryptocurrency sales to distribute special dividends to its shareholders.
Meitu first entered the cryptocurrency market in March and April 2021, purchasing a total of 31,000 ETH for $50.5 million and 940 BTC for $49.5 million under its crypto investment plan. The company conducted its sales in two stages, with the latest sale today, which included 15,703.94 ETH and 470.19 BTC for $55.49 million and $44.85 million, respectively.
In total, Meitu sold all 31,000 ETH for approximately $100 million and all 940 BTC for approximately $80 million. Following the completion of these transactions, Meitu confirmed that it no longer holds any cryptocurrencies.
*This is not investment advice.
