OnlyFans Parent Company, Fenix International, Reveals $20 Million Ethereum Investment
OnlyFans Parent Company, Fenix International, Reveals $20 Million Ethereum Investment
Fenix International Limited, the entity responsible for the renowned adult content subscription platform OnlyFans, has made public a significant Ethereum acquisition amounting to $20 million.
More specifically, the company procured approximately $19.889 million worth of ETH spanning the period from 2021 to 2022, as specified in its financial disclosure submitted to the UK corporate registry.
By the conclusion of its reporting cycle in November 2022, the valuation of Fenix's Ethereum holdings had diminished to $11.43 million.
This drop represents an impairment loss of $8.45 million, as highlighted in a tweet by WuBlockchain.
This situation unfolded due to the substantial decline in Ethereum's price between the point of acquisition and the reporting period's conclusion. During procurement, ETH was valued at approximately $2,800, while it saw a decrease to nearly $1,300 by November 30, 2022.
“During this year, the group diversified part of its working capital into a cryptocurrency asset—ETH or Ethereum,” Fenix International said in a statement.
“There are no limitations or restrictions on the group's ability to sell the cryptocurrency assets. The asset has been impaired to its fair value at the year end,” it added.
Furthermore, its prominent adult content platform OnlyFans has been forging closer ties with Ethereum. Notably, the platform permitted its creators to utilize verified Ethereum-based non-fungible tokens (NFTs) as profile images in the preceding year.
