Smartphone and app maker Meitu Inc. has acquired US$28.4 million (180million yuan) worth of cryptocurrency ether and $21.6 million of bitcoin via a subsidiary Miracle Vision, the company announced on Wednesday night.

Meitu now owns roughly US$90 million of cryptocurrencies, having first acquired US$40 million on March 5. Meitu bought the cryptos with cash reserves, not including funds raised in its 2016 IPO.

“The board has seen a growing tendency for listed firms to openly acquire cryptocurrencies,” Meitu said in a statement. “Many companies saw it as a way of managing their assets and are considering accept cryptocurrencies as payment.”

By 12pm Thursday, Meituan’s stock price rose 1.43 percent to HKD2.84.