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- 1 Fenix International, the parent company of OnlyFans, invested $19.889 Million in Ethereum (ETH).
- 2 The Ethereum investment stood at 11.4 Million in November 2022.
- 3 OnlyFans generated a revenue of $5.5 Billion in 2023.
The parent company of the famous subscription-based adult content platform, OnlyFans, bought Ethereum for nearly $20 Million. The purchase of Ethereum (ETH), the second biggest cryptocurrency took place between 2021 and 2022. A recent filing with the country’s corporate registry reveals that owner Leonid Radvinsky received $338 Million—a lion’s share of the company’s profitability.
Fenix International, the parent company of OnlyFans, filed with the Companies House, the corporate registry agency of the British government, on August 24, 2023. The filing revealed the increase in numbers related to revenue, profitability, content creators, and users, or “fans” as the company calls them.
The filing noted that Fenix International invested approximately $19.889 Million in Ethereum (ETH). The transactions took place between the fiscal year 2021-2022. Though the purchase was made with nearly $20 Million, the investment shredded up to 40% by the year-end.
According to the company, the Ethereum investment remained at $11.4 Million by November 2022, a decline of $8.5 Million within a year.
The adult content provider company faced a loss on crypto investment, but it managed to achieve significant numbers on the crucial fronts.
OnlyFans Revenue Crosses $5 Billion
In the filing, the company asserted that OnlyFans generated $5.5 Billion in revenue, a leap from the past year’s revenue of $4.8 Billion. Along with the revenue, it also saw an increase in profitability from $432 Million a year ago to $525 Million this year.
Creators community grew stronger over the platform since the number of creators rose to 3.2 Million marking a 47% growth in a year. The number of “fans” over OnlyFans saw a rise of 27% to 239 Million at present.
Amidst all the glittering numbers, the owner and sole shareholder of United Kingdom-based Fenix International, Leonid Radvinsky received a huge chunk of the company’s profit. Out of $525 Million worth of profits from OnlyFans, the Ukrainian-American entrepreneur received $338 Million in dividends.
Another Foray of OnlyFans in Crypto Space
This crypto investment isn’t the initial foray the company and its executives have made into the digital asset realm. Back in February 2022, the platform enabled verified creators to update their profile pictures with NFTs based on Ethereum.
In June 2022, two ex-OnlyFans executives introduced Zoop, a celebrity trading card platform. Operating on the Ethereum scaling solution Polygon, Zoop enabled users to trade 3D digital playing cards depicting their preferred celebrities.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
