Ethereum

Fenix International, the parent company of content subscription platform OnlyFans, has invested a portion of its working capital into Ethereum (ETH), the second-largest cryptocurrency by market cap.This decision coincides with the company&#39;s <a href="https://find-and-update.company-information.service.gov.uk/company/10354575/filing-history" rel="noopener noreferrer nofollow">financial results</a>, as its revenues surpasses $1 billion for the very first time.In its recently released accounts, spanning up to November 30, 2022, and filed with the UK&#39;s Companies House on August 24, the company revealed:<blockquote>&#34;During the year, the Group diversified part of its working capital into a cryptocurrency asset (&#39;Ethereum&#39; or &#39;ETH&#39;).&#34;</blockquote>Importantly, the filing stated that there are no constraints on the Group&#39;s ability to sell these cryptocurrency assets.This move was reflected in the financial statements, showing around $19.89 million allocated to intangible asset purchases.What is OnlyFans?OnlyFans, recognized for adult content, has transformed into a lucrative platform for creators to monetize their content through subscriptions.The platform witnessed a substantial surge in popularity, gaining over 50 million new users and over a million new content creators in the past year alone.User spending reached $5.5 billion in 2022, translating to $1.1 billion in reported sales and pre-tax profits of $525 million, as per the filing.OnlyFans <a href="https://www.reuters.com/technology/onlyfans-jumps-into-nft-profile-pictures-2022-02-10/" rel="noopener noreferrer nofollow">introduced support</a> for verified NFT profile pictures minted on the Ethereum blockchain in February 2022.Fenix International&#39;s move to invest in cryptocurrency follows in the footsteps of companies like MicroStrategy, SpaceX, and Tesla, who have also disclosed their crypto asset purchases.Coinlive previously reported on MicroStrategy&#39;s investment of $750 million for its Bitcoin portfolio, bringinh its total holdings to 152,800 bitcoin ($4 billion).Source: https://www.coinlive.com/news-detail/180645

OnlyFans Parent Company Invests in Ethereum

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