Asia Express reports: China’s MicroStrategy Liquidates all Bitcoin and Ethereum holdings
Chinese app developer Meitu, known as ‘Asia’s MicroStrategy,’ recently made headlines by selling off its entire Bitcoin and Ethereum holdings, which amounted to 940 Bitcoin and 31,000 Ether. The company managed to turn an impressive profit of around 80% on its initial investment, having acquired these assets back in the spring of 2021. This move has generated quite a buzz in the crypto community.
Meitu, headquartered in Xiamen, China, decided to cash out its cryptocurrency holdings in November, securing a total of $180 million from the sale, after initially investing $100 million. This profitable venture has earned Meitu the nickname of ‘Asia’s MicroStrategy,’ reflecting its strategic approach to crypto investments.
The company announced that the proceeds from the sales will be allocated towards various business endeavors, including working capital, business expansion, and special dividends for its shareholders. This decision to divest its crypto assets comes at a time when Asia’s interest in cryptocurrencies is on the rise.
In contrast to Meitu’s exit from the crypto space, Japan’s Metaplanet has been actively accumulating Bitcoin, holding over 1,100 units, thereby earning the moniker of ‘Asian MicroStrategy.’ Additionally, Booya Interactive, based in Hong Kong, recently traded its $49 million Ether holdings for Bitcoin, further indicating the growing trend of cryptocurrency adoption in the region.
Meanwhile, Coinbase Wallet and Base in Southeast Asia are facilitating the development of apps that will support future stablecoins tied to Thai and Philippine currencies. Thailand’s Siam Commercial Bank showcased fee-less dollar-to-baht stablecoin conversions during a recent event, signaling the potential for mass adoption of stablecoins in the region.
Shifting focus to Japan, DMM Bitcoin has decided to liquidate its operations after facing a $320 million hack earlier in the year. The exchange will transfer its remaining customer assets to SBI VC Trade, highlighting the cybersecurity challenges faced by crypto firms in the region.
In South Korea, rumors abound about the possibility of the Financial Services Commission unveiling a roadmap for corporate crypto accounts by the year’s end. This roadmap is expected to outline the phased permissions process for various entities, starting with local governments and universities before expanding to include companies and financial institutions.
In conclusion, the landscape of cryptocurrency in Asia is constantly evolving, with companies like Meitu and Metaplanet making strategic moves in the market. The region’s interest in cryptocurrencies is evident, as evidenced by various initiatives aimed at fostering its adoption and integration into mainstream financial systems.
