5 May 2021
Japan’s gaming giant Nexon has become the latest publicly-listed firm to invest a huge amount in Bitcoin.
Nexon released the statement on 28th April that they have purchased 1,717 BTC worth $100 million at the price of $58,226. The company reported the investment represents less than 2% of its “total cash and cash equivalents on hand.”
Nexon’s president and CEO, Owen Mahoney said, “Our 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.”
The CEO also added that BTC is a “form of cash likely to retain its value, even if it is not yet widely recognized as such.”
Just like leading firms such as MicroStrategy, Square, and Tesla- Nexon has invested in bitcoin. As per BitcoinTreasuries, there are 35 publicly traded companies holding bitcoin on their balance sheets.
Nexon was founded in 1994 for producing, developing, and operating online games and virtual worlds. The company went public in December 2011 on the Tokyo Stock Exchange. When Japan passed the laws of recognizing digital assets as legal currency in 2016, Nexon was the first company to embrace crypto.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.