During the crypto bull run last year, Bitcoin hit the $50,000 mark for the first time and exceeded many expectations. As a result, several investors purchased bitcoin at that time. The Hong Kong Tech giant Meitu was one of the companies that acquired bitcoin as a treasury reserve.
As the market hit a decline, the tech giant suffers impairment loss. This is a type of loss where the value of an asset falls below the investment carrying value.
Bitcoin has lost over 50% of its value in the second quarter of 2022, the worst quarterly performance of BTC since the 2011 third quarter. The decline in BTC value is devastatingly affecting many of its investors.
Meitu has lost almost half of its crypto holding valuation in the emergence of the bear market this year. However, the tech firm made headlines in April 2021 after reportedly buying about 100 million dollar worth of crypto holdings.
Breakdown of Meitu’s Crypto holding
A local media disclosed Meitu’s statement over its BTC holding....
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