Parent Company of OnlyFans Joins the Ranks of Crypto Investors, Allocating Nearly $20 Million to Ethereum (ETH) in 2022
In an August 24th submission to the UK corporate registry, Fenix International, the parent company of the subscription-based platform OnlyFans, disclosed its cryptocurrency investment strategy. The company revealed that it had acquired approximately $19.9 million worth of Ether (ETH) between 2021 and 2022. However, due to the broader decline in the cryptocurrency market throughout the previous year, the total value of its Ether holdings experienced an $8.5 million reduction by the conclusion of November 2022.
By November 30, 2022, with the value of ETH at $1,295 per unit, the company’s ETH portfolio was assessed at $11.4 million.
Although its initial foray into crypto investing wasn’t met with resounding success, the platform managed to achieve substantial growth in the reporting period concluding on November 30, 2022.
As per the filing, the company’s revenue surged by 16.6%, escalating from $4.8 billion in 2021 to $5.6 billion in 2022. Furthermore, the platform, predominantly known for adult entertainment, observed a notable 47% uptick in the count of creators, accompanied by a 27% rise in the overall number of subscribers.
This isn’t the company’s initial exploration of the digital asset realm, as both the company and its executives have previously delved into this space. In February 2022, the platform enabled verified creators to replace their profile pictures with NFTs based on the Ethereum blockchain.
In June 2022, two former executives from OnlyFans introduced Zoop, a platform for celebrity trading cards. Utilizing the Ethereum scaling solution Polygon, Zoop provided a platform for users to exchange 3D digital cards featuring their favorite celebrities.
The revelation of the company’s ETH holdings coincided with a surge of adult content creators turning to friend.tech, the latest decentralized social media platform in the crypto sphere, aiming to capitalize on the fervor.