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- Meitu, a Chinese tech giant, is contemplating the sale of its Bitcoin and Ethereum holdings.
- The company invested $100 million in crypto during the 2021 bull market.
- Kang Yicong clarified that Meitu has no concrete plans yet for disposing of its crypto assets.
Chinese tech giant Meitu, which bought around $100 million in Bitcoin and Ethereum, has announced that it is contemplating the sale of its crypto holdings. While there is currently no specific plan in place for disposing of these assets, Meitu is evaluating the possibility of divesting from the crypto market.
Meitu, a software development company known for its selfie-editing app, had previously invested heavily in crypto during the bull market of 2021. This acquisition includes a total of 31,000 units of Ether and around 765 units of Bitcoin, valued at $100 million at that time.Unfortunately, the value of these assets plunged afterward, causing significant losses. However, with the recent resurgence in the crypto market, Meitu has managed to recoup some of its previous losses. Meitu’s recent decision to move away from crypto investment comes as a response to the changing market dynamics and the unpredictability of the crypto market.
The company’s Senior Investor Relations Manager, Kang Yicong, clarified that the initial crypto purchases were part of a strategic decision, and the company has not made any further investments in this area. She revealed that while the company is open to selling its crypto holdings at the right time, it currently lacks a specific disposal plan.
Looking ahead, Yicong highlighted that there is a growing demand for Meitu’s AI-based art and drawing functions in international markets. She emphasized that while the AI-related segments are expected to contribute significantly to the company’s profits, their crypto investments are no longer the central focus.
Meitu’s plans for the future involve targeting overseas markets, with a strong emphasis on regions like Southeast Asia, Japan, South Korea, and Europe. The company aims to repackage its successful products from the Chinese market for international expansion.
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