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Software Firm Meitu Lost Up to $52.3M in H1 Due to Slide in Crypto Prices

·1 min read

Don't miss CoinDesk's Consensus 2022, the must-attend crypto & blockchain festival experience of the year in Austin, TX this June 9-12.

Hong Kong-listed software firm Meitu (1357) likely lost RMB 274.9 million to RMB 349.9 million (US$41.1 million to $52.3 million) in the first half of 2022, mostly due to a fall in the value of its crypto holdings.

  • The firm's losses almost doubled, a 99.6% to 154.1% increase, compared to the same period last year, it said in a filing with the Hong Kong Stock Exchange on July 1.

  • The Cayman-islands incorporated firm Meitu is known in China for its synonymous artificial intelligence-powered face beautification app.

  • The price of major cryptocurrencies has fallen dramatically in the past month, bitcoin (BTC) lost almost 38% in June, its second-biggest monthly loss since its launch in 2009.

  • Meitu bought 940.89 BTC and 31,000 ether (ETH) in the spring of 2021, but has not made any moves to sell or buy crypto since then, according to the filing.

Read more: What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years