Chinese app giant sells all Bitcoin for $100,000
Key receivers
Maytu sold 940 Bitcoins and 31,000 Ethereums for $180 million before Bitcoin hit $100,000. 80% of the proceeds from the Maytu Crypto sale will be distributed as a special dividend.
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Chinese tech company Meitu recently announced that it had sold 940 Bitcoins and 31,000 Ethereum crypto holdings for $180 million, and that Bitcoin's outflow from the market had recently reached $100,000.
The company, known for its photo-editing app, invested $100 million in crypto assets between March and early April 2021, spending $49.5 million on Bitcoin and $50.5 million on Ethereum.
The removal took place in two stages. Maytoo originally sold about half of its holdings for $80 million last month. In December, the company sold the remaining 470 BTC at an average price of $95,000 and 15,703 ETH at $3,500 for $100 million.
After completing two rounds of sales, Maytoo raised a total of $180 million, generating a net profit of approximately $80 million.
Maytu plans to make a special dividend of 80% of the proceeds to shareholders, with the remainder to expand its core photo, video and design product offerings.
The company is releasing cryptocurrency for AI. It is shifting its focus to its core photo and video editing business, which has seen impressive growth thanks to AI advances.
“Considering the recent growth spurt in the group's photo, video and design products business, the group intends to further invest in this business by adopting a premium subscription model. The board stated that Cryptocurrencies Disposals provide the group with an excellent opportunity to capitalize on Aquid's cryptocurrencies.
Bitcoin has surpassed $100,000 for the first time in history
Bitcoin hit a historic high on Wednesday evening, rising above $100,000 and briefly touching $103,000, CoinGecko data shows.
Ethereum posted a significant increase on the same day, rising above $3,900 for the first time since mid-March. It is now trading around $3,800, up 3.5% in the last 24 hours.
The ongoing rally is mainly influenced by optimism about the crypto-friendly environment in the US as Trump officially returns to the White House.
United States President-elect Donald Trump has announced his selection of pro-crypto Paul Atkins to head the Securities and Exchange Commission.
Trump also celebrated Bitcoin's historic growth after it reached six figures. There is widespread hope that the U.S. will create a systematic national reserve of bitcoins to hold all the bitcoins it currently owns and acquire more over time.
The US government currently holds around 210,000 BTC, worth an estimated $14 billion, seized by law enforcement.
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