In a recent financial report, adult content subscription service OnlyFans revealed that it had invested a portion of its working capital into Ethereum (ETH).
As of November 30, 2022, OnlyFans had purchased $19,889 million worth of ETH, which recorded an impairment loss of $8,455 million, leaving a carrying amount of $11,434 million.
OnlyFans, known for its innovative mindset and commitment to expanding its investment portfolio, recently revealed it has allocated funds to the second-largest cryptocurrency – ETH.
According to financial records, OnlyFans had acquired $19,889 million in Ethereum by November 30, 2022. However, the firm experienced an impairment loss of $8,455 million, resulting in a remaining balance of $11,434 million.
In 2022, OnlyFans’ revenues exceeded $1 billion for the first time. US-based Ukrainian Leonid Radvinsky, who acquired the company in 2018, has collected roughly $485 million in dividends since early last year.
The site experienced a surge in demand, attracting over 50 million new users and one million content creators by November 2022. During this time, users collectively spent $5.5 billion on the platform. Sales for the year rose by 17% to $1.1 billion, while pre-tax profits soared by 21% to $525 million.
The news comes while OnlyFans is facing some controversy. A previous investigation by BBC News brought to light instances of minors appearing and participating in content on the platform, which raised safety issues.
OnlyFans responded to these distressing claims by advocating for its strict safety measures, assuring the public in its reports that the company “exceeds what is legally necessary” to foster a secure and regulated community environment.
The firm also emphasized that its primary objective is to create the most secure social media platform that empowers content creators. Although OnlyFans is known for its mature content, it has begun diversifying its offerings. It now welcomes videos appropriate for all audiences, including genres such as cooking, comedy, fitness, and music.
Meanwhile, a billboard ad showcasing OnlyFans model Eliza Rose Watson’s page was under scrutiny from the public with claims that it consisted of content inappropriate for younger audiences. However, despite complaints, the Advertising Standards Authority cleared it for display as it considered them non-offensive.