OnlyFans’ parent company bought $20M of Ethereum as revenue surged

The moms and dad business of subscription platform OnlyFans has become the most current company to reveal its cryptocurrency holdings, showing it invested almost $20 million into Ether (ETH) in 2022. According to an Aug. 24 financial filing to the UK business windows registry, Fenix International reported that it had actually purchased some $19.9 million worth of ETH in between 2021 and 2022. Due to a total decrease in crypto asset prices over the course of last year, the total value of its Ether decreased by $8.5 million by the end of November 2022. Since Nov. 30, 2022– when ETH deserved $1,295 each– which placed the carrying quantity of the businesss ETH holdings at $11.4 million.OnlyFans parent business bought $19.889 million worth of Ethereum. Source: Fenix InternationalDespite its lack of initial success in crypto investing– general, the platform experienced strong growth in the reporting duration ending November 30, 2022. According to the filing, the businesss earnings increased 16.6% from $4.8 billion in 2021 to $5.6 billion in 2022. Furthermore, the primarily adult home entertainment platform likewise experienced a 47% increase in the variety of creators and a 27% boost in total customers. Related: While Friend.tech booms, decentralized social has a retention problemIts crypto investment isnt the first time the business and its executives have actually ventured into the digital property area. In Feb. 2022, the platform enabled verified creators to alter their profile pictures to Ethereum-based NFTs.In June 2022, 2 previous OnlyFans executives introduced a celeb trading card platform called Zoop. Developed on the Ethereum scaling service Polygon, Zoop allowed users to trade 3D digital playing cards of their favorite celebrities.The disclosure of the businesss ETH holdings came as adult content creators flocked to friend.tech– cryptos newest decentralized social media platform– in a quote to capitalize the buzz. Huge Questions: Did the NSA produce Bitcoin?