OnlyFans Parent Company Reveals $20M Investment in Ethereum

OnlyFans Parent Company Reveals $20M Investment in Ethereum

Fenix International's Crypto Investment

Fenix International, parent company of popular subscription platform OnlyFans, disclosed that it invested close to $20 million into Ethereum (ETH) in 2022. This revelation comes from an August 24 financial document submitted to the UK corporate registry.

The documents report an investment of $19.9 million in ETH over 2021 and 2022. However, due to a downtrend in the cryptocurrency market last year, the company's ETH fate was less than fortunate, ending with an $8.5 million loss by November’s close.

Value of ETH Holdings

On November 30, 2022, when the ETH value was pegged at $1,295 per token, the firm’s ETH portfolio was worth around $11.4 million.

Despite the setback in crypto investment, the company successfully strenghtened its overall position. By the end of the reporting period on November 30, 2022, the platform registered substantial gains.

Company's Growth and Other Ventures

Based on the submitted financial report, Fenix International's earnings rose 16.6% from $4.8 billion in 2021 to $5.6 billion in 2022. The largely adult content platform also saw significant growth in the number of creators - a 47% rise and a 27% rise in total subscribers.

The ETH investment isn’t the firm's only venture into the digital asset space. Back in February 2022, OnlyFans began allowing verified creators to switch their profile pictures to Ethereum-based NFTs. Later in June 2022, two ex-OnlyFans executives initiated a celebrity trading card platform known as Zoop. Zoop, which utilizes the Ethereum scaling solution Polygon, enables users to trade digital playing cards of beloved celebrities in 3D.

The announcement of the ETH holdings coincides with adult content creators’ shift to, the latest decentralized social media platform in the crypto ecosystem.