Meitu speculative coin meet the storm: loss of 13 million, the highest earned more than 100 million

According to the latest news, Meitu speculation in virtual coins began to float losses. With the increasing regulation of cryptocurrency assets at home and abroad, bitcoin-based coins have started to fall. And Meitu’s coin speculation assets have also started to turn into a floating loss. As of press time, among the virtual currencies purchased by Meitu, Bitcoin has a floating loss of about $16.66 million and Ether has a floating gain of about $14.64 million. Overall, Meitu has a floating loss of $2.02 million (about RMB 13 million).

Meitu speculative coin meet the storm: loss of 13 million, the highest earned more than 100 million

He took a long position in bitcoin and ethereum from March this year, and then added to his position one after another, buying a net total of about $100 million (about 655 million yuan) worth of cryptocurrencies in a month or so, with a float of up to 100 million yuan, Cai Wensheng was said to have fought a “turnaround”.

As of now, the company Meitu currently holds more than 940.89 bitcoins, costing $49.5 million, with an average buying price of more than $52,000, and 31,000 ethereum coins, costing $50.5 million, with an average buying price of about $1,629.

Meitu’s stock price also fluctuates with the rise and fall of bitcoin. After Meitu announced its heavy bitcoin position in March this year, Meitu’s stock price rose more than 14% after the opening bell on March 8. Not long ago Tesla called a halt to bitcoin buying, followed by Meitu’s stock price opening more than 8% lower on May 13. As of this writing, Meitu’s stock price has plummeted 57% since its high point this year.

In response to Meitu’s motivation to speculate on coins, a blockchain insider once told AI Finance that it was normal for Meitu to follow the trend as many companies, including Tesla, entered cryptocurrency. However, he also stressed that crypto assets including BTC need professionals to plow deep to make gains, and blindly following the trend faces the risk of principal loss, which secondary market investors should pay particular attention to.

Cai Kelong, a senior researcher at the Institute of Financial Technology of Renmin University of China, also told the media that “if the share price is not related to the company’s main business, but to its investment in virtual currency, shareholders will be suspicious of the company’s general direction, which is not a good thing for the company’s image”.

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