Coinbase disclosed Wednesday that its institutional business arm is working with Meitu, a Hong Kong-listed firm that recently made headlines with its crypto purchases.
Meitu announced a pair of purchases earlier this month, accounting for some $90 million in bitcoin and ether buys. While the bitcoin was aimed at boosting its corporate treasury strategy, the ETH purchase is intended to fuel plans for work in the crypto space, though it's not clear at this time what that strategy will entail.
"Coinbase Institutional was selected as the sole partner for both trade execution and custody on both their initial and second allocations, for a combined total of US$90m of BTC and ETH," the crypto exchange firm said in a statement, going on to add:
"Meitu joins a long list of companies that Coinbase Institutional continues to help diversify with crypto including Microstrategy and other corporations. However, Meitu has made a unique case, not seen widely yet, on allocating a significant portion to ETH."
The publicly-traded MicroStrategy is one of Coinbase's known institutional customers, having allocated more than 91,000 BTC to its balance sheet as of its most recent purchase.
Coinbase also worked with U.S. automaker Tesla on its $1.5 billion bitcoin buy, as The Block previously reported.