[ad_1]
Hong Kong know-how firm Meitu reported near $100 million in cryptocurrency holdings in April, 2021. Nonetheless, with the beginning of the bear market, the know-how agency made losses price half the valuation of its cryptocurrency holdings, as reported by Cointelegraph.
On the idea of knowledge by Cointelegraph, via a neighborhood media report, Meitu reported losses over 300 million yuan ($43.4 million) on its cryptocurrency holdings. As per a monetary submitting, it was revealed that the loss has greater than doubled from the final quarter, as was anticipated by the agency. The know-how firm stated that its cryptocurrency holding deposits may impact the web lack of the corporate by the top of first half of the yr.
As per Cointelegraph, via a July alternate submitting, Meitu reportedly had cryptocurrency holdings price 940 Bitcoin (BTC) and 31,000 Ether (ETH), purchased for $49.5 million and $50.5 million, respectively. Web cryptocurrency investments of the corporate was reported to be near $100 million, and the agency misplaced almost half of the valuations of its funding by Q2, 2022, with regard to the present downturn in cryptocurrency market.
Furthermore, Cointelegraph famous that other than Meitu, a cryptocurrency firm investing in Bitcoin, sustained losses on cryptocurrency investments price greater than $900 million on its BTC holdings in Q2, 2022. Michael Saylor, co-founder, MicroStrategy, emphasised using BTC as a treasury reserve for substitute of part of the US greenback. The thought acquired consideration attributable to BTC reaching new all-time excessive each month, and firms akin to Tesla, SpaceX, and over a reported dozen public firms joined the initiative. Nonetheless, Bitcoin’s worth has seen a fall by over 70% from its prime and is at present traded at one-third of its all-time excessive worth.
Going by Cointelegraph’s official web site, based in 2013, Cointelegraph is the digital media useful resource masking information on blockchain know-how, cryptocurrency property, and monetary know-how (fintech) tendencies.
(With insights from Cointelegraph)
Additionally Learn: Cryptocurrency based Tether asks for removal of Roche Freedman as counsel
[ad_2]
Source link