Beijing, March 8: The shares of Chinese photo editing app Meitu Inc, which is listed on the Hong Kong stock exchange, rose by nearly 14 per cent in the early hours of trading on Monday, induced by the company’s investment in cryptocurrencies. As per reports, Meitu has brought digital assets worth $40 Million, to hold the cryptocurrencies as a part of its ‘treasury options.’Bitcoin Price Hits Record-High of $45,000 After Elon Musk’s Tesla Invested $1.5 Billion in Cryptocurrency.
The Chinese firm has invested $22.1 Million in Ether and brought Bitcoin worth $17.9 Million on March 5. Meitu said the purchase was partly for investment and partly as preparation to enter the blockchain industry, and that it would finance it from its existing cash reserves, as reported by Reuters. Elon Musk Changes His Twitter Bio to Bitcoin, Boosts Its Price by Almost 20% in Minutes, the Internet Is Losing Its Mind! Check Hilarious Reactions.
As per reports, the company is in the process of evaluating the feasibility of integrating blockchain technologies into its overseas businesses, which could include projects on the Ethereum blockchain network. World second biggest cryptocurrency, Ether supports contracts and applications on the Ethereum network, and so purchasing it was a “logical preparation”, the firm reportedly said in a market filing.
(The above story first appeared on Morning Tidings on Mar 08, 2021 04:12 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).