OnlyFans Parent Company Buys $20 Million Worth of Ethereum – A Boost To ETH Price?

Christian Encila

1 year ago

4 mins read

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OnlyFans, the well-known adult content subscription platform, has made a bold move into the world of cryptocurrencies. Its parent company, Fenix International, recently revealed its significant investment of nearly $20 million in Ether (ETH) in 2022.

According to official financial filings submitted to the UK corporate registry, Fenix International acquired nearly $20 million worth of ETH over a two-year period.

While the company’s investment in Ether demonstrates its progressive approach, it wasn’t immune to the market’s inherent volatility. By the end of November 2022, the value of Ether had plummeted by $8.5 million, leading to an impairment loss on the investment.

The remaining carrying amount of Ethereum stands at $11.434 million, reflecting the broader trends and uncertainties in the cryptocurrency market.

OnlyFans Ventures Beyond Traditional Offerings

The move to invest in Ether aligns with OnlyFans’ broader strategy of diversification and technological innovation. Investing in intangible assets with an “indefinite useful life” showcases the company’s willingness to embrace emerging technologies like blockchain, positioning itself at the forefront of industry trends.

The disclosure about Fenix’s acquiring a substantial amount of Ether has not seemed to provide a lift yet to the price of the crypto. At the time of writing, ETH was trading at $1,636, down -0.8% in the last 24 hours, and sustaining a slight 2.2% loss in the last seven days, data from crypto market tracker Coingecko shows.

The financial filings offer a glimpse into OnlyFans’ multi-faceted performance. Despite the challenges posed by its cryptocurrency investment, the company reported impressive financial results for the year ending November 2022.

Source: SignHouse

With revenue surpassing the $1 billion mark, driven by an influx of over 50 million new users and more than a million content creators, OnlyFans solidified its position as a revenue-generating powerhouse. Users collectively spent an astounding $5.5 billion on the platform.

OnlyFans Pioneers NFT Integration And Celebrity Trading Cards

Leonid Radvinsky, the visionary entrepreneur of Ukrainian origin who acquired OnlyFans in 2018, has reaped the rewards of the platform’s surging popularity.

The filings unveil that Radvinsky amassed dividends approximating $485 million since the inception of the previous year, in line with the escalating demand for OnlyFans’ offerings.

This recent crypto venture is not the company’s first stride into the digital asset domain. In early 2022, OnlyFans facilitated a pioneering move by enabling verified creators to replace their profile pictures with Ethereum-based non-fungible tokens (NFTs).

Bitcoin slides back into the $25K region. Chart: TradingView.com

Moreover, in June of the same year, former OnlyFans executives unveiled Zoop, a celebrity trading card platform leveraging the Ethereum scaling solution Polygon. Zoop allowed users to trade 3D digital playing cards depicting their favorite celebrities.

The disclosure of Fenix International’s Ethereum holdings dovetailed with an industry-wide trend, as adult content creators began flocking to Friend.tech, a decentralized social media platform rooted in the cryptocurrency realm. This rush underscores how crypto’s recent surge has not only captured financial markets’ attention but also influenced sectors far beyond conventional investments.

Featured image from Verità e Affari

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.