POP Culture Group buys $33 million in Bitcoin, plans to expand into 'entertainment'-related crypto treasury holdings

POP Culture Group (ticker CPOP) is the latest entertainment company to launch a strategic bitcoin reserve. According to an announcement on Wednesday, the firm has completed its first purchase of 300 BTC, worth about $33 million.

This is the first step towards the Xiamen, China-based firm’s attempt to create a "diversified cryptocurrency fund pool," which will include assets like BTC, ETH, and an altcoin called BOT.

According to a statement, the company will be guided by four main criteria when determining whether to invest in a token, including a token's "high investment value and growth potential" and strategic corporate alignment. It will also consider "promising cryptocurrencies in the Web3 pan-entertainment track” and projects managed by "high-quality artists."

"Our strategic cryptocurrency investment marks the beginning of a vision to build not only a pan-entertainment platform, but a global Web3 pan-entertainment super ecosystem. POP Culture Group CEO Huang Zhuoqin said in a statement. “Entertainment will transform from disposable emotional experiences into sustainably appreciating digital assets."

Pop Culture Group Co., Ltd is an enterprise “focused on the industrialization of Chinese Pop Culture,” according to a statement.

The company is far from the only entertainment-related entity that has moved to build a digital asset reserve. Notably, the Justin Sun-backed TRX treasury firm, now called Tron Inc. , formed through a merger with the Nasdaq-listed toy and plushie manufacturer SRM Entertainment.

CPOP opened trading at $2.11, up over 40% since Tuesday’s close of $1.36. However, the token has since fallen back to around that $1.36 level, according to Google Finance. That said, the stock is up over 55% over the past month.