Fenix International, the parent company of the subscription platform OnlyFans, has disclosed its cryptocurrency holdings, revealing a nearly $20 million investment in Ether (ETH) in 2022.
According to a financial filing submitted to the UK corporate registry on August 24, Fenix International purchased approximately $19.9 million worth of ETH between 2021 and 2022. However, due to a general downturn in cryptocurrency asset prices throughout the past year, the total value of its Ether holdings decreased by $8.5 million by the end of November 2022.
As of November 30, 2022, when ETH was valued at $1,295 each, the carrying amount of the company’s ETH holdings was $11.4 million. Despite this initial setback in cryptocurrency investing, the platform experienced robust growth during the reporting period ending on November 30, 2022. The filing indicated that the company’s revenue rose by 16.6% from $4.8 billion in 2021 to $5.6 billion in 2022. Additionally, the platform, which primarily focuses on adult entertainment, observed a 47% increase in the number of creators and a 27% rise in total subscribers.
This investment in cryptocurrency is not the first foray of the company and its executives into the digital asset domain. In February 2022, the platform enabled verified creators to update their profile pictures to Ethereum-based non-fungible tokens (NFTs).
In June 2022, two former OnlyFans executives inaugurated a celebrity trading card platform called Zoop. Developed on the Ethereum scaling solution Polygon, Zoop permitted users to exchange 3D digital playing cards featuring their preferred celebrities.
The revelation of the company’s ETH holdings coincided with a surge of adult content creators migrating to Friend.tech, a newly established decentralized social media platform in the cryptocurrency space, in an attempt to capitalize on the growing popularity.
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