The Parent Company of OnlyFans Purchased 20 Million Worth of Ethereum
The parent company of the OnlyFans platform, Fenix International, has invested approximately $20 million in Ethereum.
The company followed in the footsteps of MicroStrategy, SpaceX, and Tesla by purchasing cryptocurrency as part of its capital allocation strategy.
According to a financial report filed with the UK Corporate Registry on August 24th, Fenix International invested $19.9 million in Ethereum between 2021 and 2022. The documents filed with the UK Companies Registry highlight the company's strong strategic position in the cryptocurrency market.
However, the price of ETH plummeted by nearly 75% from $4637 to $1,298 during the said period due to the overall decline in cryptocurrency prices. As a result, the total value of coins bought decreased by $8.5 million by the end of November 2022.
As of November 30, with Ethereum's price hovering, the company possessed approximately $11.4 million on its balance sheet.
OnlyFans company has more than 100 million users and has paid out more than $3 billion in creator earnings. In 2020, the company generated $2 billion in sales and $300 million in profit.
Its main private shareholder and owner, Leonid Radvinsky has been an early proponent of open-source technology. In 2022 he received over $500 million in dividends over two years, netting him $1 million per day.