OnlyFans' parent company Fenix International invested a portion of its working capital into the cryptocurrency ether.
OnlyFans’ parent company Fenix International invested a portion of its working capital into the cryptocurrency ether and reported an impairment loss for the year ending November 2022.
The firm joins companies such as MicroStrategy, SpaceX and Tesla in disclosing purchases of crypto assets.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Fenix International, the UK-based parent company of content subscription giant OnlyFans, revealed it invested a portion of its working capital into ether, the second largest cryptocurrency by market cap, while reporting revenues of over $1 billion for the first time.
"During the year, the Group diversified part of its working capital into a cryptocurrency asset ," the company's latest accounts, made up to Nov. 30, 2022, and"There are no limitations or restrictions on the Group’s ability to sell the cryptocurrency assets," the filing added. The addition was disclosed under $19.89 million of intangible asset purchases within its financial statements. However, the company also reported a total impairment loss of $8.46 million."The asset has been impaired to its fair value as at the year end," it noted. The price of ether fell nearly 75% over the period from $4,637 to $1,217,
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