Grayscale Investments, the world’s largest crypto manager, has reportedly purchased an additional 10,000 ETH. While the Chinese tech giant, Meitu, took a strategic step to acquire another $28.4 million worth of ETH and $21.6 million worth of Bitcoin via a subsidiary.
Grayscale Ethereum Trust (ETHE) Purchases Additional 10,000 ETH
According to Market Meditations, a crypto-related news channel on Twitter, Grayscale Ethereum Trust (ETHE), has increased its Ethereum (ETH) holdings by 10,000 ETH.
Market Meditations tweeted, “OVERNIGHT UPDATE: Grayscale Ethereum Trust (ETHE) purchases an additional 10,000 ETH coins.”
— Market Meditations (@MrktMeditations) March 17, 2021
Meitu Acquires another $28.4 Million in ETH and $21.6 Million in BTC
According to the report, Meitu just purchased $28.4 million worth of ETH and $21.6 million worth of Bitcoin (BTC) via a subsidiary.
In a filing that disclosed the huge acquisitions on 17th March, the company said the Ethereum (ETH) purchase is intended to play a major role in its plan to get fully involved in the blockchain industry, while the Bitcoin acquisition would be part of Miracle Vision’s treasury.
In a statement, the Group divulged its stern interest in integrating blockchain:
“The Group is currently evaluating the feasibility of integrating blockchain technologies to its various overseas businesses, including but not limited to launching Ethereum-based dApps, as well as identifying suitable overseas blockchain-based projects for potential investments…that can be synergistic to its large user base that has hundreds million monthly active users globally.”
So, the firm purchased Ethereum (ETH) to strategically prepare for the initiatives mentioned above. The firm disclosed that the ETH acquired would serve as the transaction expenditure reserve for any potential decentralized applications (DApps) and investments.
The firm noted:
“The Board believes cryptocurrencies have ample room for appreciation in value and by allocating part of its treasury in cryptocurrencies can also serve as a diversification to holding cash (which is subject to depreciation pressure due to aggressive increases in money supply by central banks globally) in treasury management.”