Fenix International, the parent company of content subscription platform OnlyFans, has invested a portion of its working capital into Ethereum (ETH), the second-largest cryptocurrency by market cap.

This decision coincides with the company's financial results, as its revenues surpasses $1 billion for the very first time.

In its recently released accounts, spanning up to November 30, 2022, and filed with the UK's Companies House on August 24, the company revealed:

"During the year, the Group diversified part of its working capital into a cryptocurrency asset ('Ethereum' or 'ETH')."

Importantly, the filing stated that there are no constraints on the Group's ability to sell these cryptocurrency assets.

This move was reflected in the financial statements, showing around $19.89 million allocated to intangible asset purchases.

What is OnlyFans?

OnlyFans, recognized for adult content, has transformed into a lucrative platform for creators to monetize their content through subscriptions.

The platform witnessed a substantial surge in popularity, gaining over 50 million new users and over a million new content creators in the past year alone.

User spending reached $5.5 billion in 2022, translating to $1.1 billion in reported sales and pre-tax profits of $525 million, as per the filing.

OnlyFans introduced support for verified NFT profile pictures minted on the Ethereum blockchain in February 2022.

Fenix International's move to invest in cryptocurrency follows in the footsteps of companies like MicroStrategy, SpaceX, and Tesla, who have also disclosed their crypto asset purchases.

Coinlive previously reported on MicroStrategy's investment of $750 million for its Bitcoin portfolio, bringinh its total holdings to 152,800 bitcoin ($4 billion).