Popular Chinese selfie app Meitu Inc. has made a smart move by selling all of its crypto holdings and making a huge profit!
By selling 940 bitcoins and 31,000 ether, the company made a total of $79.63 million (RM356 million), according to a report from the South China Morning Post (SCMP).
80% of the profit will be distributed to shareholders as a special dividend in mid-2024, while the rest will be used as working capital.
The move is timely, as bitcoin has surged more than 130% this year, surpassing $100,000 for the first time, driven by Donald Trump’s re-election and his pro-crypto policies, including appointing blockchain advocate Paul Atkins as SEC chairman.
Meitu, which invested $100 million in crypto in 2021, is now focusing on AI products for its future.
The company's shares also rose 3.15% this morning to HK$2.95, although still far from its 2016 debut price.
Bitcoin continues to be in the spotlight, and Meitu's decision to sell at its peak proves how important the right strategy is in the world of investing!
