While the company did not disclose how much ether it held at the end of the reporting period (November 2023) it did indicate that it had lost money. OnlyFans, a digital subscription service frequently associated with pornographic video content, is owned by Fenix International.
In a recent financial report lodged with the UK Companies Registry, the business disclosed, “During the year, the group diversified a portion of its working capital into cryptocurrencies (“Ethereum” or “ETH”). There are no constraints on the Group’s capacity to sell cryptocurrency assets.” The statement did not specify Fenix’s stake or disclose its exact cryptocurrency investment value. However, “the asset was written down to its fair value at the end of the year,” the report stated.
This indicates that the value of OnlyF ETH was lower at the end of November than when it was acquired. However, this is not unexpected. ETH lost more than 70% of its value in the 365 days covered by the most recent filing, falling from $4,448 to $1,217. However, it does not appear that the proprietor of OnlyF’s ethereum losses had a significant impact on his income. Annual sales increased by 17% to reach $1.1 billion. In the meantime, the corporation reported a pretax income of $525 million, an increase of 21% year-over-year.
But why would a company whose primary business is the streaming of adult content initially invest in cryptocurrency? In addition to professional investment firms and hedge funds, a large number of businesses have added cryptocurrencies to their portfolios. Tesla is a notable example, as it became one of the first prominent corporations to hold Bitcoin in its corporate financing in 2021.
The automaker then disposed of three-quarters of its BTC in the second quarter of 2022. Considering the asset’s price surged in the second half of the year, this may be a wise decision. According to a January filing with the U.S. Securities and Exchange Commission (SEC), Tesla lost $204 million on its Bitcoin holdings in 2022.
But CEO Elon Musk has not concealed his support for cryptocurrencies. As he explained the previous year, Tesla is “certainly willing to increase its Bitcoin holdings in the future,” and the decision to sell “should not be viewed as a judgment on Bitcoin.”