Ethereum (ETH) on Sunday.
What Happened: The company’s cryptocurrency purchase is worth $25.98 million as of press time, when ETH traded 4.28% higher at $1727.92.
Additionally, the company said it also purchased 379.1214267 units of
Bitcoin (CRYPTO: BTC), worth $18.96 million, as of press time when BTC traded 1.43% higher at $50,011.39.
Meitu’s ETH and BTC purchases were made at an aggregate consideration of nearly US$22.1 million and US$17.9 million respectively.
Why It Matters: ETH could be headed for another sharp price spike as developers have agreed to move ahead with an update that would lead to a reduction in the number of tokens in use.