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


The parent company of subscription platform OnlyFans has develop into the most recent agency to disclose its cryptocurrency holdings, displaying it invested almost $20 million into Ether (ETH) in 2022.

According to an Aug. 24 monetary filing to the UK company registry, Fenix International reported that it had bought some $19.9 million price of ETH between 2021 and 2022. However, resulting from an overall decline in crypto asset prices over the course of final yr, the whole worth of its Ether decreased by $8.5 million by the tip of November 2022. 

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

OnlyFans parent company bought $19.889 million price of Ethereum. Source: Fenix International

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

According to the submitting, the company’s revenue elevated 16.6% from $4.8 billion in 2021 to $5.6 billion in 2022. Additionally, the primarily grownup leisure platform additionally witnessed a 47% enhance within the quantity of creators and a 27% enhance in complete subscribers.

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Its crypto funding isn’t the primary time the company and its executives have ventured into the digital asset area. In February 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 referred to as Zoop. Built on the Ethereum scaling resolution Polygon, Zoop allowed customers to commerce 3D digital enjoying playing cards of their favourite celebrities.

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

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