Key Takeaways
- Meitu sold 940 Bitcoin and 31,000 Ethereum for $180 million before Bitcoin reached $100,000.
- 80% of the proceeds from Meitu’s crypto sale will be distributed as a special dividend.
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Chinese tech company Meitu has sold its entire crypto holdings of 940 Bitcoin and 31,000 Ethereum for $180 million, exiting the market just before Bitcoin’s surge to $100,000, according to a recent statement.
The company, known for its photo editing apps, initially invested $100 million in crypto assets in March and April 2021, spending $49.5 million on Bitcoin and $50.5 million on Ethereum.
The disposal occurred in two phases. Meitu first sold approximately half of its holdings for $80 million last month. In December, the company sold the remaining 470 BTC at an average price of over $95,000 and 15,703 ETH at approximately $3,500, generating over $100 million.
After completing two rounds of sales, Meitu secured a total of $180 million, yielding approximately $80 million in net profits.
Meitu plans to distribute 80% of the net proceeds as a special dividend to shareholders, with the remaining funds allocated to expanding its core photo, video, and design product offerings.
The company is ditching crypto for AI. It is shifting its focus to its core photo and video editing business, which has seen remarkable growth thanks to AI advancements.
“Given the recent strong growth momentum in the Group’s photo, video and design products business which primarily adopts a premium…
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