Institutional money is jumping into crypto quite aggressively. In the U.S., major banks have started offering custody services, with some like Goldman Sachs now offering direct exposure to crypto for high net worth individuals. The same trend is being seen in Hong Kong, where tech company Meitu has increased its crypto holding to about $100 million after adding an extra $10 million worth of BTC to its portfolio.
Meitu is a subsidiary of Meitu Inc that is registered in the Cayman Islands. By acquiring 175.67798279 BTC for a total of $10 million, it means that the company spent an average of $57k per Bitcoin. The company also stated that it made the purchase in the open market at spot prices.
This is not the first purchase of cryptocurrencies that the company is making this year. In March, the company bought about $90 million worth of cryptocurrencies, specifically Bitcoin and Ethereum. This now brings its total to about $49.5 million worth of Ethereum and $50.5 million worth of Bitcoin.
Besides making the purchase, the company also made clear its reason for the purchase. It said that it sees blockchain technology as a potential disruptor to the finance and tech industries. The company is so bullish that it compares this disruption to the one that was brought by mobile internet to the PC internet market. The firm also states that Bitcoin is a store of value, mainly due to its highly limited supply. This makes it a potential disruptor to Gold as a store of value.