As per an August 24 financial filing to the UK corporate registry, Fenix International reported that it had bought ethereum worth around $19.9 million between 2021 and 2022

The parent company of subscription platform OnlyFans has become the latest firm to disclose its crypto currency holdings, showing it invested around $20 million into Ethereum in 2022.

As per an August 24 financial filing to the UK corporate registry, Fenix International reported that it had bought ethereum worth around $19.9 million between 2021 and 2022. Nevertheless, because of an overall decline in crypto asset prices over the course of 2022, the total value of its Ethereum reduced by $8.5 million by the end of November last year.

As of November 30, 2022 — when ethereum was worth $1,295 apiece — this placed the carrying amount of the firm’s ethereum holdings at $11.4 million.

In spite of its lack of initial success in crypto investing, overall, the platform saw solid growth in the reporting period ending November 30, 2022.

As per the filing, the firm’s revenue rose 16.6 per cent from $4.8 billion in 2021 to $5.6 billion in 2022. Moreover, the primarily adult entertainment platform also experienced a 47 per cent rise in the number of creators and a 27 per cent rise in total subscribers.

Its crypto investment is not the first time the firm and its executives have ventured into the digital asset space. In February last year, the platform permitted verified creators to change their profile pictures to Ethereum-based non-fungible tokens.

In June last year, two former OnlyFans executives launched a celebrity trading card platform called Zoop. Built on the Ethereum scaling solution Polygon, Zoop permitted users to trade 3D digital playing cards of their favourite celebrities.

The revelation of the firm’s ethereum holdings came as adult content creators flocked to Friend.tech — crypto’s latest decentralized social media platform — in a bid to cash in on the hype.