Chinese Web Firm Meitu Buys $10M More in Bitcoin

The publicly traded app developer has now spent $100 million on bitcoin and ether.

Chinese app developer Meitu said Thursday it purchased 175.6 bitcoin (BTC, +1.78%) for $10 million, bringing its total holdings of the cryptocurrency to over 940 coins.

• The Hong Kong Stock Exchange-listed company has invested $100 million in bitcoin and ether (ETH, +3.06%) positions since adopting a “cryptocurrency investment plan” in early March.
• The company is part of a broader trend of publicly traded firms diversifying their cash treasury with bitcoin during the coronavirus pandemic.
• Notably, Meitu, which also owns ETH, said it is buying crypto to prep for a “foray into the blockchain industry.”
• Meitu held 31,000 ETH and over 940 BTC Thursday. It has invested roughly the same amount in both cryptos, though the ETH position, at nearly $64 million, was worth more at press time.