The cryptocurrency world witnessed a landmark moment on December 5, as the price of one bitcoin surged past the $100,000 threshold, setting a new all-time high. At the time of reporting, bitcoin was trading at approximately $102,900, fueling renewed investor confidence and triggering strategic portfolio moves across the market.
Among the most notable developments was Meitu Company’s (01375.HK) decision to fully exit its long-held crypto positions, realizing a substantial profit of $79.63 million—equivalent to about 571 million RMB. This move marks a dramatic turnaround from earlier years when the company faced significant paper losses, turning a once-risky bet into one of the most profitable corporate crypto plays in recent history.
Meitu’s Crypto Journey: From Heavy Losses to Massive Gains
Meitu first entered the crypto market in March 2021, making headlines as one of the earliest Hong Kong-listed companies to allocate capital to digital assets. On March 5, 2021, it announced the purchase of 15,000 ETH and 379.12 BTC, spending roughly $22.1 million** and **$17.9 million respectively—totaling $40 million in initial investments.
Just days later, on March 17, Meitu doubled down, acquiring an additional 16,000 ETH for $28.4 million** and **386 BTC** for **$21.6 million. By April 8, the company had invested nearly **$100 million** in cryptocurrencies after purchasing another **175.68 BTC** for $10 million through its subsidiary, Meitu Hong Kong.
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However, the road wasn’t smooth. As crypto prices plunged in 2022 amid macroeconomic headwinds and sector-wide collapses, Meitu recorded steep impairment losses. By December 31, 2022, the fair value of its holdings had dropped significantly—ETH valued at ~$37.3 million and BTC at ~$15.6 million. The company recognized impairment losses of approximately 86.6 million RMB for ETH and 198.2 million RMB for BTC, leaving it deeply underwater.
But the tide began to turn in 2023. With bitcoin and ethereum rebounding strongly, Meitu reversed earlier losses, booking a reversal of impairment losses totaling around 270 million RMB. By early 2024, the portfolio finally moved above cost basis—setting the stage for a full exit at peak valuation.
On December 4, 2024, Meitu announced it had sold its entire crypto portfolio—approximately 31,000 ETH and 940 BTC—for total cash proceeds of about $100 million for ETH** and **$80 million for BTC. The net gain? A staggering **$79.63 million**, far exceeding the combined net profits of 2022 ($11 million) and 2023 ($37 million).
Strategic Use of Proceeds: Shareholder Returns and Operational Flexibility
Unlike speculative traders, Meitu has taken a disciplined approach to deploying its windfall. The company plans to allocate 80% of the net proceeds from the sale toward a special dividend, directly rewarding shareholders for their patience during turbulent market cycles.
The remaining 20% will be used as general working capital, strengthening Meitu’s balance sheet and supporting future innovation in AI, imaging technology, and digital ecosystems. This strategic reinvestment aligns with the company’s broader vision beyond social media tools—toward becoming a tech-driven platform with diversified revenue streams.
Broader Market Impact: Corporate Adoption Gains Momentum
Meitu’s success story is not isolated. It reflects a growing trend of publicly traded companies treating digital assets as strategic reserves—not just speculative instruments.
The Vision Behind the Investment
When Meitu first announced its crypto purchases in 2021, then-Chairman Cai Wensheng framed it as part of a long-term blockchain strategy. He described blockchain as “the biggest bubble in human history”—but emphasized that not participating posed a greater risk than riding the wave.
In January 2018, Meitu released a blockchain whitepaper outlining plans for the Meitu Intelligent Passport (MIP)—a decentralized identity system using facial recognition as a cryptographic key for KYC processes on blockchain networks. Though MIP didn’t gain widespread adoption, it signaled early foresight into Web3 infrastructure.
Cai’s bold stance positioned Meitu as a pioneer: the first Hong Kong-listed company to buy bitcoin, and arguably the first global public firm to hold ethereum as treasury reserve.
Another Player in Focus: Boyaa Interactive’s Crypto Strategy
While Meitu chose full divestment, other firms are taking different paths. Boyaa Interactive (00434.HK), a gaming company with growing crypto exposure, has opted for active portfolio management rather than liquidation.
As of November 12, Boyaa held:
- 2,641 BTC, with an average cost of ~$54,000 per coin
- 15,445 ETH, averaging ~$2,756 per unit
Then came a strategic shift: between November 19 and 28, Boyaa swapped 14,200 ETH for approximately 515 BTC, increasing its bitcoin allocation to around 3,183 BTC, now averaging ~$57,700 per coin.
This "rebalancing" strategy reflects a bullish long-term outlook on bitcoin’s store-of-value narrative while reducing exposure to more volatile altcoins.
At current prices (~$102,900 per BTC), Boyaa’s bitcoin holdings alone are worth over **$326 million, translating to massive unrealized gains—what investors call “paper profits**” waiting to be realized.
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Frequently Asked Questions (FAQs)
Q: Why did Meitu sell all its cryptocurrency holdings?
A: After holding digital assets since 2021 and enduring significant paper losses during bear markets, Meitu capitalized on bitcoin surpassing $100K to lock in profits. The sale generated $79.63M in gains—funds now being used for shareholder dividends and business operations.
Q: How much did Meitu originally invest in crypto?
A: Meitu invested approximately $100 million across multiple purchases in early 2021, acquiring roughly 31,000 ETH and 940 BTC at average prices well below current market levels.
Q: Is corporate investment in cryptocurrency becoming more common?
A: Yes. Companies like Meitu and Boyaa Interactive reflect a broader global trend where firms view bitcoin and ethereum as strategic treasury assets. While approaches vary—from full exits to active rebalancing—the underlying belief in digital scarcity and decentralization is gaining traction.
Q: What impact does bitcoin hitting $100K have on institutional investors?
A: Crossing $100K validates bitcoin’s maturation as an asset class. It boosts confidence among institutional players, potentially accelerating ETF inflows, corporate treasury allocations, and regulatory clarity worldwide.
Q: Did Meitu benefit from timing the market correctly?
A: While no investor perfectly times the top, Meitu exited near a historic peak after recovering from earlier losses. Their disciplined approach—buying during early adoption phases and selling after multi-year appreciation—demonstrates sound risk management.
Q: Could other companies follow Meitu’s lead and cash out?
A: Some likely will—especially those sitting on large unrealized gains. However, others like Boyaa Interactive may choose to hold or rebalance instead, depending on their risk appetite and long-term strategic goals.
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Final Thoughts: A New Era for Digital Asset Strategy
Meitu’s journey—from early adopter to profitable exit—highlights how forward-thinking companies can navigate volatility and emerge stronger. Their ability to absorb short-term pain and capitalize on long-term trends offers valuable lessons for both retail and institutional investors.
Meanwhile, firms like Boyaa Interactive show there’s no single “right” path—only strategies aligned with vision, risk tolerance, and market conditions.
As bitcoin cements its place above $100K and corporate adoption deepens, we may look back at late 2024 as the moment digital assets transitioned from fringe experiment to mainstream financial tool.
For investors watching closely, the message is clear: in crypto, patience—and strategy—can yield extraordinary returns.