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Because of the bear market: Tech giant Meitu makes a loss of 43 million US dollars in crypto investments

 


Hong Kong tech giant Meitu caused a stir in April 2021 when it announced it had $100 million in cryptocurrencies. However, the bear market has nearly halved the value of the tech company's crypto holdings.


According to a local media report, Meitu has reported an impairment loss equivalent to over $43.4 million on its crypto holdings . An impairment loss is a decrease in the value of an asset when it falls below the book value of the investment.


Financial records show that the impairment loss more than doubled from last quarter. However, the company expected this. The tech giant has said its crypto holdings could impact the company's net loss through the end of the first half.


In a July exchange report, Meitu reported crypto holdings of approximately 940 bitcoin ( BTC ) and 31,000 ether ( ETH ), acquired for $49.5 million and $50.5 million, respectively. According to the company, it has net invested around $100 million in crypto and lost almost half of its investments by the end of the second quarter of 2022 due to the current downturn in the crypto market.


Meitu is not alone with the losses in its crypto investments. MicroStrategy, the public company with the largest Bitcoin holdings, reported an impairment loss of over $900 million on its BTC holdings for the second quarter of 2022.

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