Photo Software Developer Meitu Loses $45.6M Due to Depreciation of BTC and ETH Reserves

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Photo software developer Meitu, which is listed on the Hong Kong Stock Exchange, has reported a loss of $45.6 million from the revaluation of its crypto reserves in the first half of the year.

According to the company, it expects a cumulative net loss for the period of between $41.1 million and $52.3 million.

Between March and April, the company purchased a total of 940.89 BTC and 31,000 ETH for $49.5M and $50.5M, respectively.

Since the firm bought these crypto assets, it has not sold any of them as its follows the investment strategy adopted by the company’s board.