Chinese tech giant Meitu Inc MEIUY reported a significant depreciation loss on its cryptocurrency holdings.
What happened: Meitu posted a loss of over 300 million yuan, or $43.4 million Bitcoin BTC/USD and ether ETH/USD companies, reported a local media outlet on Wednesday.
Cryptocurrency depreciation expense on the balance sheet doubled to 305 million yuan from a loss of 112 million yuan reported in the same period last year.
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As of April 2021, Meitu held a total of $100 million in BTC and ETH on its balance sheet. At the time, the company held 31,000 ETH and 940 BTC, the majority of which was bought when the market-leading cryptocurrencies traded ahead of $1,700 and $50,000 respectively.
Earlier this year Fortune reported that the company said it attributed its mounting losses to the decline in the value of crypto assets acquired over the year.
Meitu ranks 10th in terms of size of BTC holdings held by publicly traded companies. MicroStrategy Inc MSTR still ranks first with 129,699 BTC worth $2.6 billion at press time, followed by Marathon Digital Inventory MSTRholding 10,000 BTC worth $201 million, and Coinbase Global Inc COIN containing 9,000 BTC worth $180 million.
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Price promotion: BTC was trading at $19,980 at press time, down 1.03% in 24 hours, according to data from Gasoline Pro.
