OnlyFans’ parent company bought $20M of Ethereum as revenue surged

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The father or mother firm of subscription platform OnlyFans has develop into the most recent agency to disclose its cryptocurrency holdings, displaying it invested practically $20 million into Ether (ETH) in 2022.

In accordance with an Aug. 24 monetary filing to the UK company registry, Fenix Worldwide reported that it had bought some $19.9 million value of ETH between 2021 and 2022. Nevertheless, because of an overall decline in crypto asset prices over the course of final 12 months, the overall worth of its Ether decreased by $8.5 million by the tip of November 2022. 

As of Nov. 30, 2022 — when ETH was value $1,295 apiece — which positioned the carrying quantity of the corporate’s ETH holdings at $11.4 million.

OnlyFans father or mother firm bought $19.889 million value of Ethereum. Supply: Fenix Worldwide

Regardless of its lack of preliminary success in crypto investing — total, the platform skilled stable progress within the reporting interval ending November 30, 2022.

In accordance with the submitting, the corporate’s income elevated 16.6% from $4.8 billion in 2021 to $5.6 billion in 2022. Moreover, the primarily grownup leisure platform additionally witnessed a 47% improve within the variety of creators and a 27% improve in complete subscribers.

Associated: While Friend.tech booms, decentralized social has a retention problem

Its crypto funding isn’t the primary time the corporate and its executives have ventured into the digital asset area. In Feb. 2022, the platform allowed verified creators to alter their profile photos to Ethereum-based NFTs.

In June 2022, two former OnlyFans executives launched a celebrity trading card platform known as Zoop. Constructed on the Ethereum scaling resolution Polygon, Zoop allowed customers to commerce 3D digital enjoying playing cards of their favourite celebrities.

The disclosure of the corporate’s ETH holdings got here as adult content creators flocked to friend.tech — crypto’s newest decentralized social media platform — in a bid to money in on the hype.

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