Chinese internet giant Meitu and Norwegian holding company both announced bitcoin investments on Monday.

Chinese internet behemoth, Meitu Inc (HKG: 1357), which boasts of over a billion users of its flagship app, announced on Sunday that it had made a sizable investment of approximately $40 million in cryptocurrencies. (Bitcoin.com)

Meitu buys up bitcoin and ether

“The group has purchased 15,000 units of ether and 379.1214267 units of bitcoin (BTC), both cryptocurrencies, in open market transactions at an aggregate consideration of approximately US$22.1 million and US$17.9 million respectively, on March 5, 2021,” Meitu said.

In the announcement, Meitu assured that the crypto investments would be held on its behalf by “renowned cryptocurrencies trading platforms,” that had set up good security measures.

The company clarified that its board of directors had previously approved a cryptocurrency investment plan and that the crypto investments were made under that authority.

The firm also said it could invest up to $100 million in cryptocurrencies from out of its cash reserves but not including any proceeds from the company’s IPO.

Norwegian listed company Aker joins the crypto party

Aker ASA (OSE: AKER) is an industrial investment company with ownership interests concentrated in oil and gas, renewable energy and green technologies, maritime assets, marine biotechnology, and industrial software. It has direct or indirect stakes in nine companies listed on the Oslo Stock Exchange.

Aker said Monday it had established a separate company dubbed Seetee AS to invest in bitcoin, and as well undertake the mining of the cryptocurrency.

Seetee is also authorized to invest in other companies engaged in crypto and blockchain activities.

Aker will fund Seetee with 500 million Norwegian kroner ($58 million) in initial capitalization.

On Monday Seetee tweeted:

“Today, we announced the launch of Seetee! We are a new company in the Aker group and will invest in ex­cit­ing projects and com­pa­nies through­out the #Bitcoin ecosys­tem.

Bitcoin is our treasury asset. Our first purchase was 1,170 BTC and our strategy is to hodl.”

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