The parent company of the popular subscription platform OnlyFans, Fenix International, recently disclosed that it had invested nearly $20 million into the cryptocurrency Ether (ETH) in 2022. This investment was revealed in a financial filing to the UK corporate registry on August 24th. The company’s report stated that it had purchased approximately $19.9 million worth of ETH between 2021 and 2022.
However, due to the decline in crypto asset prices throughout last year, the value of Fenix International’s Ether holdings decreased by $8.5 million by the end of November 2022. As of November 30th, 2022, when ETH was priced at $1,295 per coin, the carrying amount of the company’s ETH holdings was valued at $11.4 million.
Despite the initial dip in the value of its cryptocurrency holdings, Fenix International experienced solid growth as a platform during the reporting period ending in November 2022. According to the financial filing, the company’s revenue increased by 16.6%, rising from $4.8 billion in 2021 to $5.6 billion in 2022. Moreover, OnlyFans witnessed a 47% increase in the number of creators and a 27% increase in total subscribers.
It is worth noting that Fenix International and its executives have previously explored the digital asset space. In February 2022, the platform introduced the option for verified creators to change their profile pictures to Ethereum-based non-fungible tokens (NFTs). This move allowed creators to enhance their profiles and engage with the growing NFT market.
Additionally, in June 2022, two former OnlyFans executives launched a celebrity trading card platform called Zoop. This platform was built on the Ethereum scaling solution Polygon and allowed users to trade 3D digital playing cards featuring their favorite celebrities. The launch of Zoop showcased the company’s ongoing interest in exploring innovative uses of blockchain technology.
The disclosure of Fenix International’s cryptocurrency holdings comes at a time when adult content creators are increasingly seeking opportunities within the crypto industry. Many creators have flocked to platforms like friend.tech, the newest decentralized social media platform, to take advantage of the growing hype and potential financial benefits associated with crypto.
It is important to highlight that Fenix International’s decision to invest in ETH reflects the broader trend of companies incorporating cryptocurrencies into their investment portfolios. Cryptocurrencies like Ether have gained significant attention worldwide due to their potential for growth and the increasing acceptance of digital assets as viable investment options.
Overall, Fenix International’s investment in Ether demonstrates its willingness to embrace new technologies and leverage the opportunities presented by the crypto market. Despite the initial decline in the value of its holdings, the company’s overall growth and commitment to exploring digital asset applications illustrate the potential long-term benefits of cryptocurrency investments in various industries. As cryptocurrencies continue to evolve and gain mainstream acceptance, it will be interesting to observe how companies like Fenix International navigate this rapidly changing landscape and leverage the potential of digital assets to fuel future growth.
