Fenix International, the parent company of popular subscription platform OnlyFans, has disclosed its cryptocurrency investments, revealing a $19.9 million investment in Ethereum (ETH) between 2021 and 2022. Despite a subsequent decrease in Ether’s value by $8.5 million due to crypto market fluctuations in 2022, the company’s Ethereum holdings were valued at $11.4 million as of November 30, 2022, with ETH priced at $1,295.
Although Fenix International initially faced challenges in its crypto investments, the reporting period ending in November 2022 showcased the company’s robust growth. The platform’s revenue surged by 16.6%, rising from $4.8 billion in 2021 to $5.6 billion in 2022. Furthermore, the adult entertainment-focused platform witnessed a notable 47% increase in creators and a 27% rise in total subscribers during the same period.
OnlyFans parent company purchased $19.889 million worth of Ethereum. Source: Fenix International
This isn’t Fenix International’s first venture into the digital asset realm. In February 2022, the platform enabled verified creators to use Ethereum-based NFTs as profile pictures. Additionally, former OnlyFans executives introduced Zoop, a celebrity trading card platform, in June 2022. Operating on Ethereum’s scaling solution Polygon, Zoop allowed users to trade 3D digital playing cards featuring their favorite celebrities.
The revelation of Fenix International’s Ethereum holdings coincides with a trend of adult content creators exploring new opportunities in the crypto landscape. The emergence of Friend.tech, a decentralized social media platform, has attracted adult content creators aiming to capitalize on the growing crypto excitement.