Meitu sold all of his Bitcoin and Ethereum holdings just before Bitcoin reached an all-time high of US$100,000, making a hefty profit from the sale. The company plans to use 80% of its net profits for special dividends and the remainder to strengthen its core imaging and design businesses. Proceeds from cryptocurrency sales will allow Meitu to further focus on its growing photography, video and design products business. With Meitu's exit from the crypto scene, Japanese company Metaplanet and other Asian companies remain significant Bitcoin holders.
Japanese company Metaplant just became the “microstrategy of Asia” after the Saylor-led Chinese version of Bitcoin stacking sold all of its Bitcoin and Ethereum holdings. Yesterday, just before the Bitcoin price hit a record-breaking US$100,000, Chinese app giant Meitu sold 904 BTC and 31,000 ETH.
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Meitu had been selling it since November, according to a Dec. 4 memo. The company sold US$180 million (A$279.4 million) for US$80 million (A$100 million) after spending US$49.5 million (A$76.84 million) on Bitcoin and US$50.5 million (A$78.39 million) on Ether. The company earned a healthy profit of A$24.2 million.
Meitu plans to pay dividends and increase working capital
The company said it plans to allocate approximately 80% of its net income to special dividend payments and use the remainder as working capital to strengthen its focus on subscription-based imaging and design products.
The Board of Directors intends to use approximately 80% of the net proceeds to pay special dividends, while the remaining net proceeds will be used by the general public to expand the group's business, centered on paid subscription-based imaging and design products. Used as working capital.
Meitu board
Meitu now wants to focus on its core business and “the development of its core photography, video and design products business with the aim of achieving better performance in the future.”
The company also said the disposal provides “a good opportunity to realize significant returns on investment” in crypto acquisitions.
The statement said Meitu's “photo, video, and design products business” has experienced significant growth, and the company is transitioning from cryptocurrencies to AI.
Meitu withdrawal makes Korean, Thai and Japanese Bitcoin HODL merchants the largest in Asia
Meitu's exit from the crypto scene makes Japanese companies Metaplanet and Nexon, along with Thailand-based Brooker Group's BROOK (BKK), the largest corporate Bitcoin holders in Asia.
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According to BiTBO data, Korean video game company Nexon (headquartered in Japan) currently holds 1,717 BTC, while Metaplanet holds 1,142 BTC. Brooker Group, a business and financial consulting services company, currently holds 1,150 BTC.
Listed companies that own Bitcoin, source: treasuries.bitbo.io
The world's largest corporate BTC holders have even more Bitcoin in their vaults. The largest is Michael Saylor's MicroStrategy, which holds 402,100 BTC. Just a few days ago, the company added 15,400 BTC in one of its largest recent acquisitions. Their BTC currently has an average purchase price of US$58,263 (AU$90,528).
