Ethereum investment takes center stage: only fans parent company commits $20M

Ethereum investment takes center stage: only fans parent company commits $20M

Fenix International, the parent company of the popular subscription platform OnlyFans, has revealed its cryptocurrency holdings, disclosing an investment of nearly $20 million in Ethereum (ETH) in 2022.

According to a financial filing submitted to the UK corporate registry on August 24, Fenix International reported purchasing approximately $19.9 million worth of ETH between 2021 and 2022. However, due to the cryptocurrency market’s fluctuations throughout the year, the total value of its Ether holdings declined by $8.5 million by the end of November 2022. As of November 30, 2022, when the price of ETH was $1,295 per coin, the company’s ETH holdings were valued at $11.4 million.

Despite initial challenges in the cryptocurrency market, the platform experienced significant growth during the reporting period that concluded in November 2022. According to the filing, the company’s revenue surged by 16.6%, climbing from $4.8 billion in 2021 to $5.6 billion in 2022. Additionally, the platform, primarily known for adult entertainment content, witnessed a 47% increase in the number of content creators and a 27% rise in total subscribers.

This foray into cryptocurrency investments is not the first time Fenix International and its executives have explored the digital asset space. In February 2022, the platform allowed verified creators to use Ethereum-based NFTs as their profile pictures. Later, in June 2022, two former executives from OnlyFans launched Zoop, a celebrity trading card platform. Zoop, built on the Ethereum scaling solution Polygon, enabled users to trade 3D digital playing cards featuring their favorite celebrities.

The disclosure of Fenix International’s ETH holdings coincided with a trend of adult content creators flocking to Friend.tech, the latest decentralized social media platform in the cryptocurrency space, in an effort to capitalize on the growing excitement in the crypto world.

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