China selfie app Meitu sells crypto holdings in big payday before bitcoin hit US$100,000

Meitu netted US$80 million on bitcoin and ether holdings, exiting the crypto market amid a historic rally after the US re-elected Donald Trump

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Published: 1:00pm, 5 Dec 2024

Chinese selfie app operator Meitu, one of a few Hong Kong-listed companies to publicly disclose crypto investments, said it has sold all of its cryptocurrency holdings, netting nearly US$80 million just ahead of bitcoin’s price surge past US$100,000.

As of December 4, Meitu had sold its crypto portfolio that included 940 units of bitcoin and 31,000 units of ether, making gains of US$79.63 million, the company said in a statement on Wednesday. Hong Kong-listed Meitu, whose apps let users touch up their photos, bought nearly US$100 million worth of the world’s two largest crypto tokens in March and April in 2021, it said.

The company had been disposing of its crypto holdings since last month, and sold all at an aggregate value of nearly US$180 million. Meitu no longer holds any bitcoin or ether, according to a filing to the Hong Kong stock exchange.

Meitu has cashed in its crypto holdings amid a price surge following the re-election last month of former US president Donald Trump, whose crypto-friendly rhetoric such as a promise to create a bitcoin reserve contributed to investor enthusiasm.

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