- OnlyFans’ parent company, Fenix International Limited, revealed a significant investment in Ethereum that depreciated in value by year-end.
- Despite Ethereum’s bear market affecting the investment, OnlyFans saw a substantial increase in both revenue and user engagement in 2022.
- The financial statement highlights the volatile nature of cryptocurrency investments, even for established companies like OnlyFans.
OnlyFans, the content creation platform, had a stellar 2022, but the same can’t be said for its Ethereum investment. Fenix International Limited, OnlyFans’ parent company, disclosed a $19 million investment in Ethereum that dwindled to $11.4 million by November 2022.
The company had diversified part of its working capital into Ethereum, with no restrictions on selling the asset. However, the bear market for Ethereum took a toll; the token’s value plummeted from $2,797.43 to $1,298.94 within the reporting period.
Despite this setback, OnlyFans flourished last year. The platform’s revenue soared to $5.6 billion, up from $4.8 billion in 2021. Additionally, the site experienced a 47% increase in content creators and a 27% uptick in subscribers.
The future of Ethereum and OnlyFans in the crypto space remains promising. Ethereum’s ongoing upgrades aim to make it more scalable and efficient, while OnlyFans continues to diversify its revenue streams, potentially leveraging blockchain technology for further growth.
