The Japanese game company Nexon has purchased 1,717 bitcoins for approximately $100 million. The company believes that “Bitcoin provides long-term stability and liquidity while retaining the cash value we use for future investments.”
Japan Nexon buys Bitcoin
Large game company Nexon Co. Ltd. It was announced on Wednesday that 1,717 bitcoins had been purchased for approximately US$100 million (approximately 11.1 billion yen), with an average price of approximately US$58,226 per bitcoin (including fees and expenses). Companies listed on the Tokyo Stock Exchange pointed out:
This purchase is less than 2% of Nexon’s total cash and cash equivalents.
Nexon was founded in 1994 and calls itself “the global leader in multiplayer online games.” The Tokyo-based company has more than 10 franchises and currently has more than 60 live games in more than 190 countries. Nexon’s iconic games include Maplestory and Dungeon Fighter.
Nexon CEO Owen Mahoney explained: “Our purchase of Bitcoin reflects a disciplined strategy that protects shareholder value and maintains the purchasing power of our cash assets,” he elaborated:
In the current economic environment, we believe that Bitcoin can provide long-term stability and liquidity, while maintaining the value of our cash for future investment.
Nexon has joined an increasing number of listed companies adding Bitcoin to their balance sheets, including Elon Musk’s Tesla, Jack Dorsey’s Square, Micro strategy and Meitu, a Chinese technology company.
What do you think of Nexon’s investment of $100 million in Bitcoin? Let us know in the comments section below.
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