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Investing.com– Shares of Chinese language app operator Meitu Inc (HK:1357) jumped on Thursday after the corporate bought its whole cryptocurrency holdings, value $180 million, to capitalize on the latest rally in digital property.
The corporate disclosed that it bought 31,000 items of Ethereum and 940 items of Bitcoin, bought in 2021. This transaction yielded substantial features of about $80 million, Meitu introduced on Wednesday.
Following the announcement, Meitu’s Hong Kong listed inventory climbed as a lot as 4% to HK$3.12 on Thursday.
The sale was introduced simply forward of bitcoin’s milestone surge previous $100,000 on Thursday. Bitcoin is buying and selling up round 140% to date in 2024, with a bulk of its features coming in November after Donald Trump’s presidential election victory.
Meitu is without doubt one of the few Hong Kong-listed companies to brazenly disclose its cryptocurrency investments.
The corporate’s board introduced plans to allocate about 80% of the online proceeds from this sale to pay a particular dividend, equating to HK$0.109 per share.
With the remainder of the proceeds, Meitu goals to speculate additional in its photograph, video and design merchandise enterprise, which has a premium subscription mannequin.
