Parent Firm of OnlyFans had Acquired $20M Worth of Ether

2023-08-28 08:08:17

The parent firm of OnlyFans had acquired close to $20 million worth of Ether (ETH) between 2021 and 2022.
Due to the massive decline in crypto prices, the holding was worth only $8.5 million by the end of November 2022.
The firm had witnessed successful business growth in the reporting period ending November 30, 2022.
The revenue of OnlyFans increased 16.6% from $4.8 billion in 2021 to $5.6 billion in 2022.

The parent firm of OnlyFans, an internet content subion service based in London, United Kingdom, had acquired close to $20 million worth of Ether (ETH), the world’s second-largest cryptocurrency by market capitalization. Interestingly, following the Merge of the mainnet and beacon chain in 2022, the digital asset has attracted many investors.

An August 24 filing submitted to the UK corporate registry, the parent company of OnlyFans, Fenix International had purchased close to $19.9 million worth of ETH between 2021 and 2022 but due to the massive decline in the price of digital assets, the holding is now worth only close to $8.5 million by the end of November 2022

Additionally, as of November 30, 2022, when the price of Ether was $1,295, the company’s Ether holding was worth $11.4 million. While the Ether stash of the parent firm of OnlyFans declined significantly, the firm had witnessed successful business growth in the reporting period ending November 30, 2022.

As per the firm’s filings submitted previously, the revenue of OnlyFans increased 16.6% from $4.8 billion in 2021 to $5.6 billion in 2022. Furthermore, the adult entertainment platform also reported a 47% increase in the number of creators and a 27% increase in total subscribers. This is not the first time the company and its utives have ventured into the digital asset space.

Back in February 2022, OnlyFans announced that the people using its platform can use Ethereum-based non-fungible tokens (NFTs) as their profile pictures. At that time, the firm stated that this was the first step the firm was taking to explore the integration of NFTs in the platform

As reported earlier by Bitnation, Bernstein, a private wealth management company, has outlined in a note to investors that Ethereum will emerge as a winner in the digital assets market in the near future post its transition to proof-of-work model.

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