Bitcoin broke the magical barrier of $100,000 yesterday, then crashed to $92,000, and is now trading at $98,000 again. But it’s not all party time in the Bitcoin world. The Chinese MicroStrategy, better known as Meitu, decided to sell all its Bitcoin and Ethereum.
Meitu is selling its Bitcoin
In a statement on December 4, Meitu confirmed that it no longer owns Bitcoin and Ethereum.
Meitu invested approximately $100 million in Bitcoin and Ethereum in the spring of 2021. With that amount it bought 31,000 Ethers and 940 Bitcoin. Not long after, the company was nicknamed Asia’s MicroStrategy.
Well, that’s not the company anymore. Ultimately, they sold their investment for $180 million. Over a period of three years this amounts to a return of 80%, which is not bad of course.
Especially when you consider that Meitu purchased at a fairly high price in the spring of 2021. The company indicates that it will use this capital for the company, but also for distributing special dividends as a bonus to shareholders.
Time for a new Asian version of MicroStrategy
Fortunately, Meitu was not the only Asian party to invest in Bitcoin. Thus, we can point to the next Asian version of MicroStrategy.
The Japanese Metaplanet already bought more than 1,100 Bitcoin in 2024 and seems to be presenting itself as a good candidate. Furthermore, Hong Kong-based Booya Interactive recently sold $49 million worth of Ethereum for Bitcoin.
In that respect, there are some small Bitcoin companies in Asia, but it is not really impressive yet. Certainly not if you compare it with the billions of euros that MicroStrategy now pours on the market every week.
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Source: https://newsbit.nl/aziatische-microstrategy-verkoopt-al-zijn-bitcoin/
