OnlyFans’ Ethereum Holdings Dipped, Yet 2022 Remains a Resilient Year
- OnlyFans’ parent company, Fenix International Limited, reported a significant dip in the value of its Ethereum holdings, from over $19 million to about $11.4 million
- Ethereum faced a tumultuous year with price fluctuations, showcasing the unpredictable nature of the cryptocurrency market
- Despite Ethereum’s challenges, OnlyFans experienced positive growth, witnessing a surge in revenue to $5.6 billion and a notable increase in creators and subscribers
Over the weekend, the crypto community turned its attention to a financial statement submitted by OnlyFans’ parent company, Fenix International Limited, to British authorities.
The statement revealed intriguing figures that sparked discussions across Crypto Twitter.
OnlyFans’ journey in 2022 had been remarkable, and its strategic moves raised eyebrows.
According to the financial statement, the company had ventured into the cryptocurrency world by diversifying a portion of its working capital into Ethereum (ETH), the native token of the Ethereum blockchain.
The document disclosed that OnlyFans’ holdings of Ether had initially amounted to over $19 million.
However, by the end of November 2022, the value of these holdings had dwindled to approximately $11.4 million.
Ethereum’s Rocky Road
OnlyFans’ decision to embrace Ethereum wasn’t without its challenges.
The strategic statement within the 48-page document acknowledged the company’s choice to invest in cryptocurrency: “During this year, the group diversified part of its working capital into a cryptocurrency asset – ETH or Ethereum.”
Importantly, the company highlighted that there were no restrictions on its ability to sell these cryptocurrency assets.
However, the report revealed that the value of these assets had been impaired to their fair value as of the year-end.
The bearish crypto market of 2022 took a toll on Ethereum, demonstrating the unpredictable nature of the cryptocurrency landscape.
When OnlyFans introduced the use of verified Ethereum NFTs for creators’ profile images, Ethereum was trading at around $2,797.43.
However, by the end of the reporting period on November 30, the price had plummeted to $1,298.94.
As of the time of writing, Ethereum was trading at $1648.99, highlighting the market’s volatility.
A Positive Year for OnlyFans
Despite the Ethereum market’s ups and downs, OnlyFans experienced positive growth in 2022.
Notably, the platform is known for hosting a variety of adult performers, which has contributed to its significant success.
The financial statement showcased a surge in the company’s revenue from $4.8 billion in 2021 to an impressive $5.6 billion in 2022.
The numbers didn’t stop there. OnlyFans also reported a remarkable 47% increase in the number of creators joining its platform.
This surge in creative talent was complemented by a substantial 27% rise in the total number of subscribers.
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