Meitu, a Chinese photo retouching app listed in Hong Kong, has announced it purchased $40 million worth-of bitcoin and ethereum.

The firm said in disclosure Sunday on the Hong Kong Stock Exchange that it has bought 15,000 units of ETH and 379.12 units of BTC in open market transactions at an average cost of $22.1 million and $17.9 million, respectively, on Friday.

Founded in 2008, Meitu is one of the most popular mobile apps in China with a market capitalization of HK$11.7 billion ($1.5 billion). As of June 2020, Meitu held 2.5 billion $384 million in cash and liquid financial reserve and had 295 million self-reported monthly active users.

Its chairman and founder Cai Wensheng is also a known pro-bitcoin figure who said in 2018 in an interview that he personally amassed 10,000 BTC at the time.

The Sunday announcement, with a signature penned by Cai, said Meitu's board believes that blockchain technology has the potential to disrupt the existing financial and technology industries, similar to what the mobile internet has done to the PC internet and many other offline businesses.

Meitu is also one of the first Chinese publicly listed companies that have joined the ranks of Square, Tesla and MicroStrategy in holding bitcoin as part of its treasury management strategy. 

As regard to its investment in ETH, Meitu outlined to its shareholders various application activities including finance, games, social media and art and collectibles that have been built on top of the Ethereum protocol.