The parent company of the subscription platform OnlyFans has joined the ranks of companies revealing their cryptocurrency holdings, disclosing that it invested close to $20 million in Ether in 2022.
As per financial documents submitted to the UK Companies Registry on August 24, Fenix International, the parent company, stated that it had acquired around $19.9 million worth of ETH between 2021 and 2022. However, due to the broader decline in the crypto market over the past year, the total value of their Ether holdings had fallen by $8.5 million by the end of November 2022.
By November 30, 2022, when the value of ETH was $1,295 per unit, the company's ETH holdings were valued at $11.4 million on paper. Despite the initial setback in their cryptocurrency investment, Fenix International's overall performance has been robust for the report ing period that concluded on November 30, 2022.
The company's revenue is projected to increase by 16.6%, rising from $4.8 billion in 2021 to $5.6 billion in 2022, according to the filings. Additionally, the number of creators on the major adult entertainment platform surged by 47%, and the total number of subscribers also rose by 27%. This cryptocurrency investment is not the firm's first venture into the digital asset realm. In February 2022, the platform enabled verified creators to change their profile pictures to Ethereum-based NFTs.
In June 2022, two former executives of OnlyFans introduced Zoop, a celebrity trading card platform. Utilizing the Ethereum scaling solution Polygon, Zoop permits users to trade 3D digital playing cards featuring their favorite celebrities.
This revelation of Fenix International's ETH holdings aligns with adult content creators gravitating towards Friend.tech, the latest decentralized social media platform in the crypto sphere, hoping to capitalize on the buzz surrounding it.
