Investments in bitcoin brought Meitu a $ 17.3 million loss, while its position on the ether increased by $14.7 million, according to the latest reports of the Hong Kong company.
The developer of popular photo editing applications in China invested a total of $100 million in bitcoin and ether in March-April of this year, collecting 940.89 BTC for $49.5 million and 31,000 ETH for $50.5 million under his management. The calculations in the last document are based on the exchange rate of June 30, when the company summed up the semi-annual results in accordance with international financial reporting standards.
By the end of the second quarter, the size of Meitu's position in bitcoin was $32.2 million, and in ether - $65.2 million. The net loss was $2.6 million. Changes in the size of positions before they were fixed were accounted for as a "loss from a decrease in the value of assets" and "revaluation gains", respectively. Meitu emphasizes that it does not plan to get rid of its cryptocurrency assets in the foreseeable future.
"The Board of Directors believes that the blockchain industry is still in the early stages of development, and cryptocurrencies have significant potential for growth in the long term," the document says.
Taking into account the revaluation on the day of reporting on July 6, Meitu's position was in the black by $5.2 million, after the value of its BTC increased to $32.8 million, and ETH-to $72.4 million.