Chinese beauty app Meitu shares surge after cryptocurrency investment
HONG KONG (Reuters) – Shares of Hong Kong-listed Chinese image enhancing app Meitu Inc rose as lots as 14.4% on Monday morning after the company talked about it had bought $40 million of cryptocurrencies.
The beauty-focussed experience company talked about in a Sunday evening commerce submitting that it bought $22.1 million value of Ether, the world’s second-largest cryptocurrency by market capitalisation, and $17.9 million value of Bitcoin on March 5.
Meitu is the newest agency to say it’s going to preserve cryptocurrencies as part of its treasury operations. Last month, Tesla Inc revealed it had bought $1.5 billion of Bitcoin, which despatched the token’s worth up 20%.
Meitu talked about the acquisition was partly for investment and partly as preparation to enter the blockchain enterprise, and that it’ll finance it from its present cash reserves.
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