OnlyFans’ parent firm reveals its Ethereum (ETH) holdings amid surged revenue

2023-8-28 09:34

OnlyFans’ parent company, Fenix International, revealed its crypto holdings in its latest financial filings, confirming that it purchased Ethereum worth $19.9M between 2021 and 2022.

Onlyfans financial report shows they have invested ~$20 million USD in Ethereum since last year…👀 pic.twitter.com/QvtKZ0rITb

— Jaeger Z999 (@Z999Jaeger) August 28, 2023

Nonetheless, unwelcoming events such as Terra’s debacle and Celsius’s bankruptcy catalyzed the downside trend in the crypto market within the past twelve months. That saw Fenix International’s Ether balance reducing to $11.4M by November 2022.

Ethereum changed hands at $1,295 as of 20 November 2022, and the bearish stance meant an $8.5m loss for the company.

While Fenix International recorded losses in crypto investments, the company recorded impressive growth. The August 24 filing shows the firm’s revenue hit $5.6 billion in 2022, a 16.6% uptick from 2021’s $4.8 billion.

Moreover, OnlyFans flourished with a 27% surge in subscribers and a 47% increase in creators.

OnlyFans isn’t new to the digital assets world. In 2022, the adult content platform allowed creators to use Ethereum non-fungible tokens as profile photos to showcase asset ownership.

Further, two former OnlyFans employees launched the Zoop network for selling NFTs. Built on Polygon, enthusiasts could use Zoop to trade celebrity playing cards.

Fenix International’s crypto holdings disclosure comes as content creators switch to the newly launched Friend-tech. The application utilized Coinbase’s new crypto technology to create a decentralized social media site.

Ethereum’s appeal to large corporations

The move by Fenix International to invest part of its working capital in Ether signals a broader trend. Investing in digital assets is gaining popularity as businesses tap into crypto and blockchain. Moreover, Ethereum attracts large corporations and individual enthusiasts due to its unique properties, making it an “ultra-sound cash.”

We can expect more traditional businesses to integrate cryptocurrencies as the digital asset industry evolves. OnlyFans’ substantial investment in Ether confirms increasing trust in crypto’s promising potential.

Ethereum price hovered at $1,643 at press time, dropping 0.44% within the past day.

The post OnlyFans’ parent firm reveals its Ethereum (ETH) holdings amid surged revenue appeared first on Invezz.

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