OnlyFans Holds over $10 Million in ETH
OnlyFans, popular content-selling site, invested in ether cryptocurrency after reporting $1 billion earnings. Other big companies have also bought digital currencies.
Fenix International, the company behind OnlyFans, said it put some of its money into ether, a type of cryptocurrency. This is after they reported making more than $1 billion for the first time.
The company shared this in its latest financial report from Nov. 30, 2022. They said they can sell this cryptocurrency anytime they want.
They bought this cryptocurrency for about $19.89 million. But its value went down by $8.46 million. This happened because the price of ether dropped a lot during the year.
OnlyFans started in 2016 and is a website where people sell content to their fans. It became even more popular last year with many new users. The company made $1.1 billion in 2022 and had a profit of $525 million.
Like OnlyFans, other big companies such as MicroStrategy, SpaceX, and Tesla have also bought cryptocurrencies.
MicroStrategy was the first to buy a cryptocurrency called bitcoin in 2020. But cryptocurrencies can be risky. MicroStrategy and Tesla both lost money because of this.
SpaceX, another company led by Elon Musk, also had losses with bitcoin in the past two years.
OnlyFans is not new to cryptocurrencies. In 2022, they allowed users to have special digital pictures called NFTs. Two former workers from OnlyFans even started a new platform for trading these NFTs.
Last week, many OnlyFans users joined a new app called Friend.tech. This app uses a new cryptocurrency technology made by Coinbase.
