Meitu, a Chinese app developer specializing in photo-editing and video-processing applications, has made another Bitcoin purchase.
For $10 million, the Chinese software company bought an additional 175.6 Bitcoins, taking its total Bitcoin reserve to over 940 coins.
During the pandemic, the Hong Kong Stock Exchange-listed company, along with many institutional firms including Square, Tesla, and MicroStrategy, have turned to cryptocurrencies to diversify their asset allocation plans, a step that has aided Bitcoin’s development. Meitu still owns Ether and has put about the same amount of money into both Bitcoin and Ethereum.
The business said its cryptocurrency purchases were “a demonstration to investors and stakeholders that the Group has the ambition and commitment to embrace technological evolution” and prepare for a foray into the blockchain industry.
Meitu currently has 31,000 ETH and 940 BTC in his wallet.
The software development company had previously stated that it was exploring incorporating blockchain technology into its business by using Ethereum-based decentralized applications (dapps). In the cryptocurrency industry, Ethereum is quickly gaining popularity, with most decentralized finance applications relying on the blockchain network to function.
With Ethereum recently reaching a new all-time high of $2,150, billionaire investor Mark Cuban has predicted that Ethereum’s rise will eventually “dwarf” Bitcoin’s. He attributed Ethereum’s long-term supremacy to the large number of smart contracts and extensions that operate on the platform.