Bitcoin (BTC) Attracts Corporate Investments from Asia and Europe; China’s Meitu Pours $40 Million While Norway’s Aker ASA Pours $58 Million
The world’s largest cryptocurrency Bitcoin (BTC) continues to receive heavy investments from big corporates around the world. After American juggernauts like Tesla entering the game this year, big corporates from Asian and Europe have joined the bandwagon.
On Sunday, March 7, public listed Chinese company Meitu announced investments in Bitcoin and Ethereum from the company’s balance sheet. With this, the software app development company became the first public listed Chinese firm to invest in Bitcoin.
As per the announcement, Meitu purchased 380 BTC and 15,000 ETH at $47,105 and $1,473, respectively, pouring a total of $40 million in investment. As per the company, this is just a part of its $100-million-plan to invest in crypto.
Meitu’s participation can certainly create a domino effect encouraging other Chinese and Asian corporates to put part os its reserve cash into Bitcoin (BTC). The official announcement notes: “Notwithstanding the long-term prospects, cryptocurrency prices in general are still highly volatile and therefore the Board currently decided to invest in the two largest cryptocurrencies by market capitalization, Ether and Bitcoin, which the Board believes should enhance shareholder value in the long-term”.
Besides, Meitu is also willing to be a part of this blockchain innovation and evolution. The company is now planning to launch its own Ethereum-based decentralized applications (DApps).
In another news, Norwegian energy giant Aker ASA has announced forming a new company Seetee dedicated at investing in projects within the Bitcoin and the blockchain ecosystem.
Seetee has pledged an initial investment of 500 million Norwegian Krone ($58.3 million) in capital. Speaking at the launch, Øyvind Eriksen, President and CEO of Aker ASA said:
"With the launch of Seetee, the Aker Group makes another move into software and fintech. We are very excited about the industrial opportunities that will be unlocked by Bitcoin and blockchain technology, and want to contribute forcefully to that effort. These technologies have the potential to reduce frictions in our day to day lives, enhance the security of our digitally driven economies, and unlock new business models for innovation. We look forward to addressing these and other applications together with Blockstream and other partners”.
Big corporates are slowly warming up to Bitcoin and other cryptocurrencies as they get mainstream adoption. As a result, other financial players are also working on getting institutional-grade Bitcoin products like the Bitcoin ETF.