- Chinese tech giant Meitu has announced its consideration of selling approximately $100 million worth of Bitcoin and Ethereum assets.
- Meitu’s decision to divest from crypto investments comes in response to changing market dynamics and the unpredictability of the crypto market.
- Yicong emphasized Meitu’s growing demand for AI-based art and drawing functions in international markets when looking to the future.
Chinese technology giant Meitu is considering selling millions of dollars of BTC and ETH assets: Why did the company make such a decision?
Chinese Tech Giant May Sell BTC and ETH Assets
Chinese tech giant Meitu has announced its consideration of selling approximately $100 million worth of Bitcoin and Ethereum assets. While there is no specific plan on how to dispose of these assets at the moment, Meitu is evaluating an exit from the crypto market.
Meitu, a software development company known for its selfie editing app, made significant investments in crypto during the 2021 bull market. This purchase included a total of 31,000 Ether and approximately 765 Bitcoin, which were valued at $100 million during that period.
Unfortunately, the value of these assets later decreased, resulting in significant losses. However, with the recent resurgence in the crypto market, Meitu has managed to recoup some of its previous losses. The decision to divest from crypto investments is a response to changing market dynamics and the unpredictability of the crypto market.
Kang Yicong, the company’s Senior Manager of Investor Relations, stated that the initial crypto purchases were part of a strategic decision, and the company had not made additional investments in this area. He mentioned that they are currently open to selling crypto assets at the right time but do not have specific divestment plans at the moment.
Crypto investments are no longer the central focus
Yicong emphasized that Meitu’s future plans include a focus on international markets, particularly in regions such as Southeast Asia, Japan, South Korea, and Europe. While segments related to AI are expected to contribute significantly to the company’s profits, he stressed that crypto investments are no longer their central focus.
Meitu’s future plans involve repackaging successful products from the Chinese market for international expansion.
