After consolidating for a while, both Bitcoin and Ethereum prices have shot up today as the overall cryptocurrency market cap surged 5%, moving past $1.80 trillion. Bitcoin has surged 5.04% at the time of writing, moving closer to $60,000 levels. On the other hand, Ethereum has also made a strong move surging closer to $1850 levels at the press time. The rise in prices of cryptocurrencies coincided with Meitu purchasing additional $50 million in bitcoin and Ethereum.
Meitu has poured another $50 million in Bitcoin and Ethereum.
The Chinese tech firm Meitu had earlier purchased $40 million worth of bitcoin and ethereum. Now the tech company has poured another $50 million in Bitcoin (BTC) and Ethereum (ETH). Meitu announced the purchase of an additional 16,000 $ETH for $28.4 million and 386 $BTC for $21.6 million. Some experts have started comparing Meitu with America’s MicroStrategy, the business intelligence firm that has netted over 90,000 BTC so far. However, the Chinese firm isn’t yet Asia’s MicroStrategy looking at the kind of purchases it made. So far, Meitu has poured more investments in ETH than in BTC.
— Bloqport (@Bloqport) March 17, 2021
Meitu is the world’s first public company to purchase ETH on such a large scale.
The Chinese tech company’s founder claimed that it is the world’s first public company to purchase ETH on such a large scale. On the other hand, while MicroStrategy’s Bitcoin (BTC) purchases have reflected directly in its stock price, the same is not the case with the move. Despite Meitu’s $90 million worth of crypto purchases, the stock hasn’t moved much. Also, unlike MicroStrategy, Chinese tech frim has failed to attract any potential interest from Asia’s institutional investors. Thus, it will be just too early to compare Meitu with MicroStrategy. The recent bitcoin’s massive winning rally has attracted institutions to invest in cryptocurrency. Earlier, electric car maker Tesla had invested $1.5 billion in bitcoin.