Tuesday, January 31, 2023
BitWolf
  • Home
  • Cryptocurrency
  • Blockchain
  • Nft & Metaverse
  • Market
  • Bitcoin
  • Ethereum
  • More
    • Solana
    • Litecoin
    • Dogecoin
  • Live Prices
No Result
View All Result
No Result
View All Result
BitWolf

Tech giant Meitu loses over $43M of its crypto investment in bear market

bitwolf by bitwolf
September 2, 2022
in Ethereum
0 0
0
Home Ethereum



Hong Kong tech big Meitu made headlines in April 2021 after it reported almost $100 million in crypto holdings. Nevertheless, with the onset of the bear market, the tech agency has misplaced almost half of the valuation of its crypto holdings.

In response to an area media report, Meitu reported an impairment lack of over 300 million yuan ($43.4 million) on its crypto holdings. An impairment loss is a loss within the worth of an asset when it falls under the carrying worth of the funding.

The monetary submitting revealed that the impairment loss has greater than doubled from the final quarter, one thing the agency had anticipated. The tech big has said that its crypto holdings might affect the web lack of the corporate by the tip of the primary half of the yr.

In a July alternate submitting, Meitu reported crypto holdings of about 940 Bitcoin (BTC) and 31,000 Ether (ETH), bought for $49.5 million and $50.5 million, respectively. The web crypto funding of the corporate was reported to be about $100 million, and the agency has misplaced almost half of the valuations of its funding by the tip of the second quarter of 2022, owing to the present downturn within the crypto market.

Associated: MicroStrategy stock MSTR hits 3-month high after CEO’s exit

Meitu is just not the one firm to incur vital losses on its crypto investments. MicroStrategy, the flag bearer of public corporations investing in Bitcoin, reported an impairment loss of over $900 million on its BTC holdings as of the second quarter of 2022.

On the peak of the crypto bull run final yr, Michael Saylor-led MicroStrategy popularized using BTC as a treasury reserve changing a portion of the U.S. greenback. The thought gained a number of traction as BTC was hitting a brand new all-time excessive each month, and the likes of Tesla, SpaceX and greater than a dozen public corporations joined the bandwagon. Nevertheless, Bitcoin’s worth has fallen by over 70% from its prime and is at the moment buying and selling at one-third of its all-time excessive worth.



Source link

Related

Tags: 43MBearcryptogiantinvestmentLosesmarketMeitutech
ShareTweetShare
bitwolf

bitwolf

Next Post
Big Eyes Coin is set to Dominate the Crypto market like Dogecoin and Baby Dogecoin

Big Eyes Coin is set to Dominate the Crypto market like Dogecoin and Baby Dogecoin

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Bitcoin Holds Above $17K Despite DCG Uncertainty – CoinDesk

Bitcoin Holds Above $17K Despite DCG Uncertainty – CoinDesk

January 10, 2023
Bitcoin community not happy with Peter Zeihan’s criticisms on Joe Rogan podcast

Bitcoin community not happy with Peter Zeihan’s criticisms on Joe Rogan podcast

January 10, 2023
MULN Stock: Mullen Is the New Dogecoin… Without Any of the Fun

MULN Stock: Mullen Is the New Dogecoin… Without Any of the Fun

January 22, 2023
Why Polygon could play a key role in mass blockchain adoption despite MATIC’s…

Why Polygon could play a key role in mass blockchain adoption despite MATIC’s…

January 10, 2023
Trezor and Wasabi Join Forces To Make Bitcoin More Private

Trezor and Wasabi Join Forces To Make Bitcoin More Private

5
Bitcoin could become the foundation of DeFi with more single-sided liquidity pools

Bitcoin could become the foundation of DeFi with more single-sided liquidity pools

1
DOGE Proponents Express Hope And Concerns Related To Dogecoin-Ethereum Bridges

DOGE Proponents Express Hope And Concerns Related To Dogecoin-Ethereum Bridges

0
Petrousus Token Set to Top the Cryptocurrency Market Like Uniswap and Solana

Petrousus Token Set to Top the Cryptocurrency Market Like Uniswap and Solana

0
How Bitcoin mining saved Africa’s oldest national park from bankruptcy

How Bitcoin mining saved Africa’s oldest national park from bankruptcy

January 31, 2023
How the metaverse and blockchain accelerates economic … – e27

How the metaverse and blockchain accelerates economic … – e27

January 31, 2023

Local group uneasy about cryptocurrency mining centers in Nebraska – fox42kptm.com

January 31, 2023
Ordinals Launches NFTs on Bitcoin, Unsurprisingly Sparking Controversy

Ordinals Launches NFTs on Bitcoin, Unsurprisingly Sparking Controversy

January 31, 2023

Recent News

How Bitcoin mining saved Africa’s oldest national park from bankruptcy

How Bitcoin mining saved Africa’s oldest national park from bankruptcy

January 31, 2023
How the metaverse and blockchain accelerates economic … – e27

How the metaverse and blockchain accelerates economic … – e27

January 31, 2023

Local group uneasy about cryptocurrency mining centers in Nebraska – fox42kptm.com

January 31, 2023

Categories

  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Dogecoin
  • Ethereum
  • Litecoin
  • Market & Analysis
  • Nft & Metaverse
  • Solana
  • Uncategorized

Tags

Big Binance Bitcoin Blockchain BNB BTC Cardano Coin Cointelegraph crypto Cryptocurrency Data Digital DOGE Dogecoin ETH Ethereum Exchange eyes FTX Heres Inu Investors Latest Litecoin LTC Magazine market merge News NFT NFTs price rally Shiba SOL Solana Today token Top Trading Tweet Web3 Week XRP

© 2022 BitWolf All Rights Reserved

No Result
View All Result
  • Home
  • Cryptocurrency
  • Blockchain
  • Nft & Metaverse
  • Market
  • Bitcoin
  • Ethereum
  • More
    • Solana
    • Litecoin
    • Dogecoin
  • Live Prices

© 2022 BitWolf All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In