OnlyFans Parent Company Buys $20 Million Worth of Ethereum – A Boost To ETH Price?
August 28 2023 - 8:10AM
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OnlyFans, the well-known adult content subscription platform, has
made a bold move into the world of cryptocurrencies. Its parent
company, Fenix International, recently revealed its significant
investment of nearly $20 million in Ether (ETH) in 2022.
According to official financial filings submitted to the UK
corporate registry, Fenix International acquired nearly $20 million
worth of ETH over a two-year period. While the company’s investment
in Ether demonstrates its progressive approach, it wasn’t immune to
the market’s inherent volatility. By the end of November 2022, the
value of Ether had plummeted by $8.5 million, leading to an
impairment loss on the investment. The remaining carrying amount of
Ethereum stands at $11.434 million, reflecting the broader trends
and uncertainties in the cryptocurrency market. Related Reading:
Worldcoin Meltdown: 50% Crash Caused By Mounting Data Privacy
Paranoia OnlyFans Ventures Beyond Traditional Offerings The move to
invest in Ether aligns with OnlyFans’ broader strategy of
diversification and technological innovation. Investing in
intangible assets with an “indefinite useful life” showcases the
company’s willingness to embrace emerging technologies like
blockchain, positioning itself at the forefront of industry trends.
The disclosure about Fenix’s acquiring a substantial amount of
Ether has not seemed to provide a lift yet to the price of the
crypto. At the time of writing, ETH was trading at $1,636, down
-0.8% in the last 24 hours, and sustaining a slight 2.2% loss in
the last seven days, data from crypto market tracker Coingecko
shows. The financial filings offer a glimpse into OnlyFans’
multi-faceted performance. Despite the challenges posed by its
cryptocurrency investment, the company reported impressive
financial results for the year ending November 2022. Source:
SignHouse With revenue surpassing the $1 billion mark, driven by an
influx of over 50 million new users and more than a million content
creators, OnlyFans solidified its position as a revenue-generating
powerhouse. Users collectively spent an astounding $5.5 billion on
the platform. OnlyFans Pioneers NFT Integration And Celebrity
Trading Cards Leonid Radvinsky, the visionary entrepreneur of
Ukrainian origin who acquired OnlyFans in 2018, has reaped the
rewards of the platform’s surging popularity. The filings unveil
that Radvinsky amassed dividends approximating $485 million since
the inception of the previous year, in line with the escalating
demand for OnlyFans’ offerings. This recent crypto venture is not
the company’s first stride into the digital asset domain. In early
2022, OnlyFans facilitated a pioneering move by enabling verified
creators to replace their profile pictures with Ethereum-based
non-fungible tokens (NFTs). Bitcoin slides back into the $25K
region. Chart: TradingView.com Related Reading: XRP Faces Big
Challenge: Scaling The $0.55 Wall – Possible? Moreover, in June of
the same year, former OnlyFans executives unveiled Zoop, a
celebrity trading card platform leveraging the Ethereum scaling
solution Polygon. Zoop allowed users to trade 3D digital playing
cards depicting their favorite celebrities. The disclosure of Fenix
International’s Ethereum holdings dovetailed with an industry-wide
trend, as adult content creators began flocking to Friend.tech, a
decentralized social media platform rooted in the cryptocurrency
realm. This rush underscores how crypto’s recent surge has not only
captured financial markets’ attention but also influenced sectors
far beyond conventional investments. Featured image from Verità e
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