- Meitu sold all its Bitcoin and Ethereum just before Bitcoin hit a record US$100k, realising a significant profit from the sale.
- The company plans to use 80% of the net proceeds for a Special Dividend and the remainder to boost its core imaging and design business.
- The profit from the cryptocurrency sale allows Meitu to focus more on its growing photo, video, and design products business.
- With Meitu’s exit from the crypto scene, Japanese firm Metaplanet and others in Asia remain as significant Bitcoin holders.
Japanese company Metaplant has just become the ‘MicroStrategy of Asia’ after China’s version of the Bitcoin-stacking Saylor-led firm sold all its Bitcoin and Ethereum holdings. Chinese app giant Meitu sold 904 BTC and 31,000 ETH just before the Bitcoin price reached record breaking US$100k yesterday.
Related: Australian Youtuber Jamie Zhu Investigates Crypto Scams in Latest Video
A note from 4 December shows Meitu had been selling since November. After spending US$49.5 million (AU$76.84 million) on Bitcoin and US$50.5 million (AU$78.39) on Ether, the company took a healthy US$80 million (AU$124.2 million) profit in the US$180 million (AU$279.4 million) sale.
Meitu Plans Dividend Payouts and Working Capital Boost
The company said it plans to allocate about 80% of the net proceeds to pay a Special Dividend and use the rest as working capital to enhance its focus on subscription-based imaging and design products.
The Board intends to use approximately 80% of the net proceeds to pay the Special Dividend, while the remaining net proceeds will be used as general working capital to expand the Group’s business focusing on paid subscription-based imaging and design products.
Meitu Board
Meitu now wants to shift its attention to its core business and “on the development of its core photo, video and design products business, aiming to achieve better business performance in the future”.
The company also said that the disposal provides it with a “good opportunity to realise a sizable gain on its investments” in their crypto acquisitions.
According to the statement, Meitu’s “photo, video and design products business” is enjoying substantial growth, and the company is shifting from crypto to AI.
Meitu’s Exit Makes Korean, Thai and Japanese Bitcoin HODLers Largest in Asia
The exit of Meitu from the crypto scene leaves Japanese firms Metaplanet and Nexon along with Thailand-based Brooker Group’s BROOK (BKK) as the largest corporate Bitcoin holders in Asia.
Related: Crypto Surpasses Stocks in South Korean Trading as Investors Seek Risk Exposure
According to data from BiTBO, South Korean video game company Nexon (with headquarters in Japan) currently holds 1,717 BTC, while Metaplanet holds 1,142. Brooker Group, a business and financial consulting services firm, currently holds 1,150 BTC.
The largest worldwide corporate BTC holders have a lot more Bitcoin in their coffers. With the largest, Michael Saylor’s MicroStrategy, holding 402,100 BTC. The company added 15,400 BTC just days ago in one of the largest acquisitions of recent times. Their BTC is now at an average buying price of US$58,263 (AU$90,528).