London-based Nothing has dipped its toe into the crypto markets as the smartphone maker reported a loss of £43m.
The firm’s recently-published accounts revealed the company holds £13,000 in cryptoassets, though it was not clear which coins were held or what the reasoning behind the investment was.
Founded by Carl Pei – who previously launched Chinese electronics firm OnePlus – Nothing released its first smartphone in 2022, hoping to compete with the likes of Apple and Samsung.
The electronics startup was valued at $1bn in June 2023 following a $96m (£73m) funding round that included Google Ventures, EQT and electro band Swedish House Mafia.
Its latest accounts, which cover the year ended 31 December 2022, revealed that while revenue jumped considerably from £3m in 2021 to £51.6m, the cost of sales, administrative expenses and marketing costs skyrocketed.
UKTN has contacted Nothing for comment.
Nothing was founded in 2020. After securing initial funding of around £17m across two rounds, it launched its first product, wireless earbuds, in July 2021.
Investors in Nothing include former Apple executive Tony Fadell, Twitch co-founder Kevin Lin and Reddit CEO Steve Huffman
The company has since released three smartphones, most recently the Nothing Phone 2a, a scaled-down lower budget version of its second phone.
The Nothing Phone 2a sold over 100,000 units hours after launch, as reported by the Evening Standard.
Read more: Everything you need to know about Nothing, the UK smartphone maker taking on Apple
