In a move that sent ripples through both the crypto and corporate finance worlds, Chinese tech company Meitu announced on March 7, 2021, that it had purchased approximately $40 million worth of Bitcoin and Ethereum for its corporate treasury. The Hong Kong-listed firm, best known for its popular selfie and photo-editing apps, acquired 379.12 Bitcoin for roughly $17.9 million and 15,000 Ethereum for approximately $22.1 million.
The purchases were executed on March 5, 2021, at average prices of around $47,105 per Bitcoin and $1,473 per Ethereum. At the time of the announcement, Bitcoin was trading at approximately $51,206, while Ethereum sat near $1,723, meaning the company was already sitting on unrealized gains.
TL;DR
- Meitu bought 379.12 BTC (~$17.9M) and 15,000 ETH (~$22.1M) for its treasury
- First major publicly traded company to purchase Ethereum as a treasury reserve asset
- Following Tesla’s $1.5 billion Bitcoin purchase earlier in 2021
- Meitu shares surged on the Hong Kong Stock Exchange following the announcement
- Chairman Cai Wensheng is a known crypto enthusiast driving the strategy
A Bold Bet From an Unlikely Player
Meitu is not the kind of company most people associate with cryptocurrency. Founded in 2008, the firm built its empire on beauty-filtering apps that became so ubiquitous in China that “to Meitu” became a verb meaning “to beautify a photo.” But as smartphone manufacturers added built-in filters and competition intensified, Meitu’s fortunes waned. Its stock had plummeted from a peak of HK$18 in 2017 to less than HK$3 at the time of the crypto purchase.
The company, now 13 years old, described the crypto acquisition as part of a broader strategy to diversify and explore new growth avenues. In a filing with the Hong Kong Stock Exchange, Meitu stated that the board believed blockchain technology and digital assets had “immense potential” and that the investment would serve as a treasury diversification strategy.
The Ethereum Factor: A Corporate First
While Tesla’s headline-grabbing Bitcoin purchase in February 2021 set the template for corporate crypto adoption, Meitu went a step further by allocating more than half of its crypto budget to Ethereum. The $22.1 million ETH purchase made Meitu the first major publicly traded company anywhere in the world to hold Ethereum on its balance sheet.
This was not an accident. Meitu’s chairman, Cai Wensheng, has long been known as a cryptocurrency enthusiast, and the company indicated it saw value in Ethereum beyond mere price appreciation. The firm suggested it was interested in Ethereum’s smart contract capabilities and the booming decentralized finance ecosystem being built on top of the network.
At the time of purchase, Ethereum’s price had surged over 21% in just seven days, trading at $1,723 with a market capitalization approaching $200 billion. The broader DeFi ecosystem on Ethereum had locked in over $40 billion in total value, underscoring the network’s growing importance in the financial landscape.
Following the Tesla Playbook
Meitu’s move came just weeks after Tesla disclosed a $1.5 billion Bitcoin purchase in an SEC filing, a moment widely credited with igniting the first quarter’s massive crypto rally. While Meitu’s $40 million investment was modest by comparison, its inclusion of Ethereum represented a significant expansion of the corporate crypto treasury model.
The announcement immediately boosted Meitu’s share price on the Hong Kong exchange, with investors apparently rewarding the company’s willingness to embrace digital assets. The market reaction suggested that shareholders viewed the crypto allocation as a credible growth strategy rather than a speculative gamble.
Broader Market Context
The Meitu announcement came amid a broader crypto market surge. Bitcoin had climbed 13.45% over the previous week to $51,206, while the total cryptocurrency market capitalization stood at approximately $1.54 trillion. Binance Coin (BNB) was trading at $240, Cardano (ADA) had reached $1.13, and Polkadot (DOT) sat at $35 — all reflecting a market in full risk-on mode.
The corporate treasury trend was accelerating rapidly in early 2021. MicroStrategy had been accumulating Bitcoin since August 2020, Tesla joined in February, and now a Chinese tech company was broadening the playbook to include Ethereum. The pattern suggested that crypto was moving from a niche asset class to a mainstream component of corporate finance strategy.
Why This Matters
Meitu’s dual Bitcoin-Ethereum purchase was a watershed moment for several reasons. First, it proved that corporate crypto adoption was not limited to Bitcoin — Ethereum had arrived as a legitimate treasury asset. Second, it showed that the trend was global, extending beyond American tech companies to Asian markets. Third, Meitu’s status as a struggling consumer app company, rather than a fintech or payments firm, demonstrated that crypto adoption was broadening across all sectors.
The move also raised questions about the evolving nature of corporate finance in 2021. With interest rates near zero and traditional safe-haven assets offering minimal returns, companies like Meitu were increasingly willing to allocate capital to volatile but high-upside digital assets. Whether this strategy would prove prescient or reckless remained to be seen, but the market’s immediate reaction was clear: crypto treasury strategies were being rewarded.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
379 BTC at 47105 and 15k ETH at 1473. Meitu saw the trade before MicroStrategy made it cool. chairman Cai was early on both ecosystems
first public company to buy ETH for treasury. that part got buried under the btc headline
totally agree, the ETH part is the real story. tesla only bought btc, meitu went full dual-token
the ETH buy was genuinely forward thinking. tesla got all the headlines for buying BTC but meitu saw value in both ecosystems
Fatima B. agree on the dual token angle but nobody mentions Meitu dumped most of the ETH position before the 2024 run. perfect entry, imperfect hold
sovereign_bag_ the fact they sold most ETH before the 2024 run is the real tragedy. perfect entry, paper hands on the exit
15,000 ETH at $1,473 turned into a massive gain by 2024. the board took real heat for that move and it ended up being the best trade in corporate crypto history
15,000 ETH at $1,473 would be worth over $40M by end of 2024. and the board was getting criticized for it. shareholders should have given the chairman a medal
ledger_lord 15k eth at 1473 was the real alpha. everyone focused on the 379 btc but the eth position outperformed by a wider margin. chairman cai understood both ecosystems in march 2021
Wei C. the ETH outperformance point is key. 15k ETH at 1473 vs 379 BTC at 47k. ETH did a 3x from there while BTC did roughly 2x. treasury diversification actually worked
Petr H. ETH doing 3x vs BTC doing 2x from those entries proves treasury diversification works. Tesla only bought BTC and looked worse for it
ledger_lord 15K ETH at $1473 turning into one of the best corporate trades in history. the board wanted to fire him and instead he printed their best quarter ever
ledger_lord_ shareholders complaining about a trade that 10xd within a year. the ETH position alone outperformed their photo app revenue
hodl_receipt_ 10x in a year while their photo app revenue was flat. shareholders who complained about crypto allocation were literally mad about their best performing asset
$17.9M in btc and already in profit at announcement. chairman playing 4D chess with shareholder money
calling it 4D chess when it was basically one guys crypto hobby funded by a photo app lol
wagmi_pete calling it a hobby funded by a photo app is wild. meitu had 400M monthly users. the crypto bet was 1 percent of their cash reserves
laugh all you want but Meitu made more from crypto than from its photo editing products that quarter. shareholders didnt mind the 4D chess
Park J. meitu made more on crypto than photo apps that quarter. shareholders were laughing all the way to the bank while analysts called it reckless
379 BTC at 47k and 15k ETH at 1473. that ETH position alone 10x’d within a year. chairman cai was early on both ecosystems not just btc
Wei C. 379 BTC at 47k and 15k ETH at 1473. chairman Cai played both ecosystems while Tesla only did BTC. genuinely ahead of the curve
Dimitri O. chairman Cai played both BTC and ETH while Tesla went BTC only. the ETH position outperformed by every metric and Tesla got all the headlines. unfair but telling
15K ETH at 1473 would be worth what, 47M+ at todays prices. Meitus photo app revenue didnt touch that return
eth_treasury_proof_ 15K ETH at 1473 worth 47M+ later. the tragedy is they sold most of it before the real run. perfect entry wasted by paper hands at the top