In a strategic move reflecting its growing interest in the crypto space, Fenix International, the parent company of the renowned subscription platform OnlyFans, disclosed that it invested approximately $20 million in Ethereum (ETH) between 2021 and 2022.
Astute Investment in Ethereum
As per an August 24 financial filing (1) submitted to the UK corporate registry, Fenix International confirmed its acquisition of nearly $19.9 million worth of ETH during the period spanning 2021 to 2022. However, due to the market-wide decline in crypto asset values throughout the previous year, the total valuation of its Ether holdings experienced an $8.5 million decrease by November 2022.
Calculated Ventures and Financial Trends
By November 30, 2022, a time when Ethereum was priced at $1,295 each, Fenix International’s ETH holdings were valued at $11.4 million. Despite the initial downward movement in their crypto investments, the parent company witnessed robust growth in its core operations during the reporting period that concluded on November 30, 2022.
Solid Revenue Growth and Platform Expansion
The filing revealed a notable 16.6% surge in the company’s revenue, escalating from $4.8 billion in 2021 to $5.6 billion in 2022. Notably, the platform, which predominantly caters to adult entertainment, observed an impressive 47% rise in the number of content creators and a substantial 27% increase in total subscribers.
Crypto Expansions Beyond Investments
Fenix International’s cryptocurrency engagement extends beyond investments. In February 2022, the platform allowed verified creators to adopt Ethereum-based NFTs as profile pictures, demonstrating its willingness to experiment with digital assets.
Additionally, the company’s executives ventured into the digital asset realm with the launch of “Zoop” in June 2022. This celebrity trading card platform, built on the Ethereum scaling solution Polygon, enabled users to trade 3D digital playing cards featuring their favorite celebrities.