Meitu, on Sunday evening exchange of filing, said that it had bought $22.1 million worth of Ether, along with $17.9 million worth of Bitcoin on 5th March.
The Chinese photo-editing app, Meitu Inc., which is listed in the shares of Hong-Kong, has risen its share value to 14.4% on Monday morning. It happened after the company said that it has already bought about $40 million in cryptocurrencies.
This beauty-focused technology firm said in the evening of Sunday exchange filing; it has made an investment of about $22.1 million in Ether. Well, Ether is the second-largest cryptocurrency as per market capitalization. At the same time, it made a $17.9 million investment in bitcoin on 5th March.
Meitu is the latest company, and it said that it is going to hold cryptocurrencies as a part of its treasury operations. Last month, Tesla Inc. opted for the revealing that it has bought $1.5 billion on Bitcoin. And this sent the token price up to 20%.
Meitu said that their purchase was partly for investment and also it is partly for the preparation to enter into the blockchain industry. Besides, it is also going to finance it from the existing cash reserves.
This company is evaluating the feasibility of this currently integrating blockchain technologies in its overseas business. It can also comprise the projects on the Ethereum blockchain network. Now, it is all about a matter of wait to see what is going to come next with the upcoming time.
Ether is powering contracts, along with applications on the network of Ethereum. Thus, their purchasing of cryptocurrencies was a logical preparation as per the filing. The shares of Meitu pared gain, which lasted up to 5%. On the other hand, it outpaced with a 0.5% rising in the local index of the benchmark.