Meitu, a China-based software development company, has invested another £35.8 million in Bitcoin (BTC) and Ethereum (ETH). A report revealed this news on March 18, noting that this purchase has increased its crypto holdings to £64.45 million. According to reports, the company bought 386.08 BTC for £15.5 million and 16,000 ETH for around £23.3 million.
This is the company’s second crypto purchase this month. On March 5, Meitu, listed in China and Hong Kong, made its first investment in the crypto space, buying 15,000 ETH for £15.11 million. On the same day, the company bought 378 BTC for £12.83 million. As such, Meitu now owns approximately 31,000 ETH and 764.08 BTC.
According to Meitu, cryptocurrencies are still in the early stages of their growth. However, blockchain has already shown its potential to become a disruptive tool in the current financial and technology sectors.
The company further noted that its board had noticed an increasing adoption of crypto by established companies such as Tesla and the growing use of crypto as a means of payment.
According to reports, this purchase has made Meitu the first China-listed company to buy such a large amount of BTC. While the company’s decision could encourage crypto adoption by other listed companies, analysts believe it is unlikely that companies will make such crypto purchases anytime soon. This is because China’s crypto regulations are not yet clear.
While the Beijing Arbitration Committee (BAC) has recently said that China’s ban on BTC is flexible, the country reportedly allows BTC as a virtual commodity. However, the use of the coin as money is still banned.
Following this news, both coins are trading bullish. BTC is trading at £41,891.5 after rising 6.26% in the last 24 hours. On the other hand, ETH is up 2.82% at £1,299.8.