Meitu Loses More Than $43M In Crypto Investments Amid Bear Market

During the crypto bull run last year, Bitcoin hit the $50,000 mark for the first time and exceeded many expectations. As a result, several investors purchased bitcoin at that time. The Hong Kong Tech giant Meitu was one of the companies that acquired bitcoin as a treasury reserve. As the market hit a decline, the tech giant suffers impairment loss. This is a type of loss where the value of an asset falls below the investment carrying value. Related Reading: A Date For The Mt. Gox Repayment Is Set, How Will This Affect Bitcoin? Bitcoin has lost over 50% of its value in the second quarter of 2022, the worst quarterly performance of BTC since the 2011 third quarter. The decline in BTC value is devastatingly affecting many of its investors. Meitu has lost almost half of its crypto holding valuation in the emergence of the bear market this year. However, the tech firm made headlines in April 2021 after reportedly buying about 100 million dollar worth of crypto holdings. Breakdown of Meitu’s Crypto holding A local media disclosed Meitu’s statement over its BTC holding. According to the report, the firm lost more than 300 million yuan, worth approximately $43,400 million, on crypto investments. Recall that Meitu disclosed its crypto holdings to be about 940 BTC and 31,000 ETH during a July exchange filing. The respective purchasing amount for the tokens is $49.5 million and $50.5 million. This made the company’s net...