Giant Video Game Provider Nexon Buys $100M Worth of Bitcoin
The South Korean-Japanese video game publisher, Nexon, announced earlier today the purchase of 1,717 bitcoins. The company justified the $100 million buy by trying to protect its shareholders’ value.
- Although it was founded in Seoul, South Korea, in 1994, Nexon moved its headquarters to Minato City, Toky, in 2005. It’s one of the largest Asian-based online games providers for PC and mobile as it maintains over 80 titles.
- The firm announced earlier today the purchase of 1,717 bitcoins for approximately $100 million at an average price of $58,226, including fees and expenses.
- The company said this amount represents less than 2% of its total cash and cash equivalents on hand.
- Nexon’s President and CEO, Owen Mahoney, noted, “the purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets.”
“In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.” – he added.
- As such, Nexon is the latest prominent corporation with a sizeable allocation in the primary cryptocurrency.
- MicroStrategy led the charge with several multi-million and even billion-dollar purchases starting last year. As a result, Michael Saylor’s business intelligence company now owns almost 100,000 bitcoins.
- Tesla also joined the trend this year by buying $1.5 billion worth of BTC. Elon Musk’s electric vehicle giant sold a small portion shortly after just to test the liquidity.
- It’s worth noting that large companies, including the likes of One River Asset Management and MassMutual, are not the only ones accumulating bitcoin. CryptoPotato recently told the story of a small family-owned pizza joint in Alabama that poured funds into the cryptocurrency.