While the company did not reveal how much ether it held, it did indicate that it had lost money by the end of the reporting period (November 2022). Fenix International owns the digital subscription service OnlyFans, a platform often associated with adult video content.
In a recent financial report filed with the UK Companies Registry, the company reported: “During the year, the group diversified part of its working capital into cryptocurrencies (“Ethereum” or “ETH”). The There are no restrictions or limitations on the Group’s ability to sell cryptocurrency assets.” The statement did not provide details of Fenix’s stake or reveal the exact value of its cryptocurrency investment. However, it noted that “the asset was written down to its fair value at the end of the year”.
This shows that OnlyF ETH was worth less at the end of November than when it was purchased. However, this is not surprising. In the 365 days covered by the most recent filing, ETH lost more than 70% of its value, falling from $4,448 to $1,217. But for the OnlyF owner, losing money on ethereum doesn’t appear to have had much of an impact on his income. Overall, annual sales rose 17% to $1.1 billion. Meanwhile, the company reported pre-tax income of $525 million, up 21% year-over-year.
But why would a company whose core business is streaming adult content invest in cryptocurrency in the first place? In addition to professional investment firms and hedge funds, many companies have also added cryptocurrencies to their portfolios. A notable example is Tesla, which in 2021 became one of the first high-profile companies to hold Bitcoin in their corporate finances.
Then, in the second quarter of 2022, the automaker dumped three-quarters of its BTC. That might be a smart move, considering the asset’s price soared in the second half of the year. A filing with the U.S. Securities and Exchange Commission (SEC) in January showed that Tesla lost $204 million in 2022 on its Bitcoin holdings. But CEO Elon Musk has made no secret of his belief in cryptocurrencies. As he explained last year, Tesla is “certainly willing to increase its Bitcoin holdings in the future,” emphasizing that the decision to sell “should not be viewed as a judgment on Bitcoin.”