Meitu Sells Cryptocurrency to Boost Core Business

Meitu (HK:1357) has released an update.

Meitu has successfully sold its entire cryptocurrency holdings, comprising 31,000 units of Ether and 940 units of Bitcoin, for a total of $180 million. The company plans to allocate 80% of the proceeds to a special dividend and use the rest to expand its subscription-based imaging and design business. This strategic pivot aims to enhance Meitu’s core business performance, capitalizing on the growing demand for its photo and video products.

For further insights into HK:1357 stock, check out TipRanks’ Stock Analysis page.