OnlyFans Holds Significant Ethereum (ETH) Holdings

The latest financial report reveals that the adult content platform OnlyFans invested nearly $20 million USD in Ethereum (ETH) in 2022, despite current losses.

OnlyFans Holds Significant Ethereum (ETH) Holdings

OnlyFans Invests in Ethereum (ETH)
Alongside MicroStrategy, SpaceX, and Tesla, Fenix International - the parent company of the adult social media platform OnlyFans - has also allocated part of its liquidity to Ethereum (ETH).

The company's financial report indicates that OnlyFans purchased $19.89 million USD worth of ETH in 2022. However, as of November 30, 2022, this investment has incurred losses totaling $8.455 million USD, meaning the current value of the holdings is approximately $11.435 million USD. The price of ETH dropped more than 50% in 2022, from $3,000 USD to just $1,217 USD.

1D chart of the ETH/USDT pair on Binance at 08:40 AM on August 28, 2023

In documents submitted to the UK Companies House on August 24, OnlyFans explained and hinted at the possibility of liquidating its cryptocurrency assets:

"Throughout the year, the group diversified a portion of its liquidity into cryptocurrencies, specifically ETH. However, these assets have depreciated in value."

Launched in 2016, OnlyFans rapidly became a well-known platform for adult content. Last year, the social network welcomed over 50 million new users and 1 million new content creators. In 2022, the company achieved $1.1 billion USD in revenue and pre-tax profits of up to $525 million USD.

This isn't OnlyFans' first foray into the cryptocurrency industry. The platform integrated Ethereum NFTs in February 2022. Two former directors of OnlyFans also collaborated to establish an NFT trading platform a few months later. Last week, the content creator community on OnlyFans shifted attention and rushed to Friend.tech, a Web3 social network gaining momentum on Coinbase's Base, a layer-2 solution.

Previously, many traditional giants have also invested in cryptocurrencies. For instance, MicroStrategy holds the most Bitcoin on the market; Tesla spent $1.5 billion USD on Bitcoin in 2021 but subsequently sold off 75% of its holdings; Another company owned by Elon Musk, SpaceX, recently revealed holdings of $373 million USD worth of BTC in 2021 and 2022.

OnlyFans Models "Invade" friend.tech
OnlyFans has also caught the attention of the cryptocurrency community through friend.tech, a social network rising alongside the Base layer-2 solution. As friend.tech attracts more users, numerous idols on OnlyFans have set up accounts here in hopes of creating a new revenue stream through speculative activities.

However, activity on friend.tech has shown signs of slowing down as daily transaction volumes decrease significantly.

Many have pointed out the striking "coincidence" in brand design and identity between OnlyFans and friend.tech.