After three years in the crypto world, Meitu is no longer playing! Close all positions in BTC and Ether. Profits are close to 8k USD.

Meitu, a Hong Kong-listed company that started with the photo editing app “Meitu Xiuxiu”, has been in the crypto world for 3 years. However, before BTC reached the sky-high price of $100,000, it decisively emptied all its cryptocurrency assets, dumping all its holdings of BTC and Ethercoin, making a profit of nearly 80,000 USD.

According to the official announcement, Meitu has been selling its held cryptocurrencies in the market since November. As of December 4th, it has sold a total of 31,000 Ethercoins and 940 BTC, with a total cash equivalent of approximately $100 million and $80 million respectively. After deducting the cost, the total profit is $79.63 million.

Looking back on Meitu’s cryptocurrency investment journey, it can be described as ups and downs.

Meitu initially purchased BTC and ETH for $100 million in 2021. However, the company, known for its selfie editing software, has experienced huge market fluctuations and controversies in recent years, and even suffered financial losses due to market downturns. In July 2022, Meitu warned investors that the company’s losses in the first half of the year could expand to 154%.

However, Meitu chose to cash out at a high point in the market, injecting a substantial amount of capital into the company’s finances. According to the latest statement, Meitu plans to use approximately 80% of the net profit from the sale for distributing special dividends, which are expected to be paid in cash from June to July next year.

Meitu stated that the board intends to propose a special cash dividend of approximately 0.109 Hong Kong dollars per share, with the remaining profits being used as general operating funds to expand the company’s image and design subscription-based business.

Looking ahead, Meitu will be more focused on the development of core imaging and design products, in order to create better business performance.

The statement emphasizes that after the sale of Cryptocurrency is completed, Meitu no longer holds any Ether or Bitcoin.

Having been in the crypto world for 3 years, I’m done playing! Close all positions in Bitcoin, Ether, and profit nearly 80k USD. This article was first published in BlockBeats.