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The parent company of the subscription platform OnlyFans has become the latest firm to disclose its cryptocurrency holdings, revealing an investment of nearly $20 million in Ether (ETH) during 2022.
According to a financial filing submitted to the UK corporate registry on August 24, Fenix International reported purchasing approximately $19.9 million worth of ETH between 2021 and 2022. However, due to a general decline in cryptocurrency asset prices throughout the following year, the total value of its Ether holdings decreased by $8.5 million by the end of November 2022.
As of November 30, 2022, when ETH was valued at $1,295 per unit, the carrying amount of the company’s ETH holdings stood at $11.4 million.
OnlyFans parent company purchased $19.889 million worth of Ethereum. Source: Fenix International
Despite the initial underperformance of its crypto investment, the platform experienced solid growth during the reporting period ending November 30, 2022.
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The filing indicates that the company’s revenue increased by 16.6%, rising from $4.8 billion in 2021 to $5.6 billion in 2022. Additionally, the primarily adult entertainment platform saw a 47% increase in the number of creators and a 27% rise in total subscribers.
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This crypto investment is not the first time the company and its executives have ventured into the digital asset space. In February 2022, the platform allowed verified creators to change their profile pictures to Ethereum-based NFTs.
In June 2022, two former OnlyFans executives launched a celebrity trading card platform called Zoop. Built on the Ethereum scaling solution Polygon, Zoop enabled users to trade 3D digital playing cards featuring their favorite celebrities.
The disclosure of the company’s ETH holdings coincided with adult content creators flocking to friend.tech—crypto’s newest decentralized social media platform—in an effort to capitalize on the hype.
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