The owner of the company also gave himself a huge bonus. In a recent financial report, adult content subscription service OnlyFans revealed that it has invested some of its working capital in Ethereum (ETH). As of November 30, 2022, OnlyFans had purchased $19.889 million of ETH, recording a reduction of $8.455 million for a book value of $11.434 million.
OnlyFans Owner collects $485 million in dividends
Known for its innovative thinking and commitment to expanding its investment portfolio, OnlyFans recently revealed that it has allocated funds to the second largest cryptocurrency, ETH. According to financial data, OnlyFans raised $19,889 million in Ethereum by November 30, 2022. However, the company had a drawdown of $8,455 million, resulting in a remaining balance of $11,434 million. In 2022, OnlyFans’ turnover exceeded one billion dollars for the first time. Ukrainian-American Leonid Radvinsky, who bought the company in 2018, has collected about $485 million in dividends since the beginning of last year.
Demand for the site has exploded, attracting nearly 50 million new users and 1 million content creators by November 2022. During that time, users have collectively spent $5.5 billion on the platform. Revenue for the year rose 17 percent to $1.1 billion, while pretax income rose 21 percent to $525 million. OnlyFans faces controversy as it grows
The news comes as OnlyFans faces controversy. An earlier investigation by BBC News revealed cases of minors appearing and participating in content on the platform that raised safety concerns. OnlyFans responded to these disturbing claims by touting its strict security measures, assuring the public in reports that the company “goes beyond what is legally required” to promote a safe and regulated community environment. The company also emphasized that its main goal is to create the most secure social media platform that empowers content creators. Although known for its mature content, OnlyFans has begun to diversify its offerings. Videos suitable for all audiences are now welcomed, including genres such as cooking, comedy, fitness and music. Meanwhile, a billboard featuring justFans model Eliza Rose Watson’s page has come under fire from the public, who claimed it contained inappropriate content for younger audiences. But despite the complaints, the Advertising Standards Authority approved it for display as it deemed them inoffensive.
