Fenix International Limited, the parent company of adult content subscription platform OnlyFans, has revealed its cryptocurrency holdings, showing that it invested approximately $20 million into Ethereum (ETH) in 2022.
OnlyFans Reveals ETH Holdings
According to a recent financial statement filed with the UK corporate registry, the company purchased $19.9 million worth of ETH between 2021 and 2022. However, due to the decline in the cryptocurrency market, the value of the investment had decreased to $11.4 million by November 2022, leading to an impairment loss of $8.5 million.
The UK-based company stated that it diversified part of its working capital to purchase the cryptocurrency and that there is no limitation or restriction to selling the digital asset in the future.
While the reason for the firm’s investment in Ethereum remains unclear, the move coincides with the crypto asset being increasingly considered a feasible store of value. The digital asset is known to have a strong track record of growth with less volatility in the highly nascent crypto market.
OnlyFans Crypto Push
Meanwhile, this is not OnlyFans’ first foray into the digital asset space. In early 2022, the platform introduced a feature that allows creators to use verified Ethereum non-fungible tokens (NFTs) as their profile pictures. In May 2022, OnlyFans founder Tim Stokely launched Zoop, an NFT trading card platform powered by the Polygon blockchain.
Launched in 2016, OnlyFans is a UK-based internet content subscription service used primarily by sex workers who produce explicit content. However, the platform has since expanded to include a variety of other content creators, such as fitness instructors, musicians, and chefs.
According to the latest filing, OnlyFans revenue surged 16.6% from $4.8 billion in 2021 to $5.6 billion in 2022. Moreover, the number of creators on the platform saw a 47% rise, with a 27% surge in the total number of subscribers. At the same time, OnlyFans amassed over 50 million new users.
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