OnlyFans founder OnlyFans disclosed losses from cryptocurrency investments

OnlyFans' founding company OnlyFans has disclosed losses from its investment in the Ethereum cryptocurrency

Fenix International invested nearly $20 million in Ethereum in 2022

Fenix International, the founder of subscription content platform OnlyFans, has reported a loss on its investment in cryptocurrency Ethereum (ETH) for the financial year ending November 2022, The Block reported, citing the company's accounts.

"During the year, the group diversified some of its working capital into the Ethereum cryptocurrency asset," the publication notes, citing data from the company's most recent accounts prepared up to Nov. 30, 2022, and filed with the U.K. Companies Registry.

Data on the purchase of assets is given in the section "Buy intangible assets" in the amount of $19.89 million in the financial statements of the company. However, the document also reports a total impairment loss of $8.46 million.

"The asset was impaired to fair value at year-end," the report said. The price of ETH fell by almost 75% over the period - from $4637 to $1217, the publication specifies. The ETH exchange rate is $1.6k, according to Coingecko.

The owner of OnlyFans followed the example of such companies as MicroStrategy, SpaceX, and Tesla, disclosing information about purchases of crypto-assets. MicroStrategy became the first listed company to buy bitcoins as part of its capital allocation strategy.

Mike Novogratz's Galaxy Digital fund had a $46 million loss in the second quarter of 2023.