Meitu, a Chinese beauty photo-editing app, announced it bought BTC and ETH worth $ 40 million.

The company said in its disclosure that it bought 15,000 ETH and 379.12 BTC in open market transactions at average costs of $ 22.1 million and $ 17.9 million, respectively, on March 5.

Founded in 2008, Meitu is one of the most popular mobile apps in China with a market capitalization of HK $ 11.7 billion ($ 1.5 billion). As of June 2020, Meitu holds 2.5 billion yuan ($ 384 million) in cash and financial reserves, and currently has 295 million self-reported monthly active users.

Meitu’s chairman and founder, Cai Wensheng, is also a prominent Bitcoin advocate, who said in 2018 in an interview that he personally accumulated 10,000 BTC at that time.

After Square invested an additional $ 170 million in Bitcoin – BTC sales via Cash App reached $ 4.57 billion, MicroStrategy completed a $ 1.05 billion loan to buy Bitcoin and continued to buy Bitcoin despite the situation. market. Meitu is also one of the first publicly listed Chinese companies that has joined the ranks of Bitcoin holders as part of its treasury management strategy.

Cai Wensheng stated in the announcement during the company’s crypto purchase:

“Some features even make Bitcoin a form of superiority over other alternative stores of value like gold, gems and real estate. As an alternative store of value, Bitcoin’s price is primarily a function of future demand driven by consensus of investors and the public.

In terms of its investment in ETH, Meitu has outlined to its shareholders various application activities including finance, games, social media and arts, and collections built upon. on the Ethereum protocol.

The consortium is currently evaluating the feasibility of integrating blockchain technology for its various foreign businesses, including but not limited to launching Ethereum-based dApps, as well as identifying projects based on on overseas blockchain suitable for potential investments.