Hong Kong-listed software firm Meitu has bought another 16,000 ETH valued at around $28.4 million and 386.086 BTC valued at approximately $21.6 million. TAKEAWAY: Could this be another corporation on its way to becoming an ETF-by-proxy? These purchases more than double the previous investment earlier this month. The company’s share price did not noticeably react to the first announcement, but has picked over the past couple of days. I haven’t seen the 2020 balance sheet, nor am I clear on the distribution of the crypto holdings among subsidiaries, but we can probably conclude that $90 million is starting to feel more material for shareholders than the previous investment of $40 million. Also, given that Meitu’s main business line appears to be social media apps, this could end up being part of a strategic business pivot.
