Meitu bears loss of more than $43 million in cryptocurrency investment

Meitu bears loss of more than $43 million in cryptocurrency investment

Hong Kong technology company Meitu reported close to $100 million in cryptocurrency holdings in April, 2021. However, with the starting of the bear market, the technology firm made losses worth half the valuation of its cryptocurrency holdings, as reported by Cointelegraph.
On the basis of information by Cointelegraph, through a local media report, Meitu reported losses over 300 million yuan ($43.4 million) on its cryptocurrency holdings. As per a financial filing, it was revealed that the loss has more than doubled from the last quarter, as was anticipated by the firm. The technology company said that its cryptocurrency holding deposits could have an effect on the net loss of the company by the end of first half of the year.
As per Cointelegraph, through a July exchange filing, Meitu reportedly had cryptocurrency holdings worth 940 Bitcoin (BTC) and 31,000 Ether (ETH), bought for $49.5 million and $50.5 million, respectively. Net cryptocurrency investments of the company was reported to be close to $100 million, and the firm lost nearly half of the valuations of its investment by Q2, 2022, with regard to the current downturn in cryptocurrency market.
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