The parent firm behind the subscription service OnlyFans has disclosed its cryptocurrency investments, joining the trend of revealing digital asset holdings.
The company, Fenix International, recently reported that it allocated around $20 million into Ether during the year 2022.
In its financial filing to the UK corporate registry on August 24, Fenix International detailed its acquisition of approximately $19.9 million worth of ETH between 2021 and 2022.
However, due to the overall market downturn in the cryptocurrency sphere throughout the previous year, the total value of its Ether holdings plummeted by $8.5 million by the end of November 2022.
By November 30, 2022, when the value of ETH was pegged at $1,295 per unit, Fenix International’s Ethereum assets were appraised at $11.4 million.
Despite an initial setback in its cryptocurrency investment endeavors, the platform achieved notable expansion in the reporting period culminating in November 2022.
The official filing cited a 16.6% rise in revenue, climbing from $4.8 billion in 2021 to $5.6 billion in 2022.
Furthermore, the platform, primarily recognized for adult entertainment content, observed a significant uptick of 47% in creators and a 27% increase in total subscribers.
This isn’t the company’s maiden voyage into the world of digital assets. In February 2022, Fenix International enabled verified creators to replace their profile pictures with NFTs based on the Ethereum blockchain.
In a parallel development, former executives from OnlyFans introduced a novel celebrity trading card platform named Zoop in June 2022.
READ MORE: Co-founder of Tornado Cash Cryptocurrency Service Released on Bail
Running on the Ethereum scaling solution Polygon, Zoop provided a platform for users to exchange 3D digital celebrity playing cards.
Simultaneously, the revelation of Fenix International’s Ether holdings coincided with adult content creators flocking to Friend.tech, a freshly established decentralized social media platform within the cryptocurrency realm.
This migration was driven by the desire to capitalize on the emerging excitement surrounding cryptocurrency.
In conclusion, the parent company of OnlyFans, Fenix International, has made its cryptocurrency investments public, indicating a substantial allocation of approximately $20 million into Ether in 2022.
Despite facing initial challenges in the crypto market, the platform experienced noteworthy growth in terms of revenue, creators, and subscribers.
This move into cryptocurrency aligns with the company’s previous initiatives involving digital assets.
Other Stories:
IRS Proposes Simplified Reporting for Digital Asset Taxes, Faces Industry Scrutiny
Former Worldcoin Insider Alleges Unlawful Practices and Mismanagement
Bitcoin’s $20,000 Value Holds Steady Over Six Years When Adjusted for Inflation
