Asian Video Game Publisher Nexon Buys $100M in Bitcoin
28 Apr, 2021•1 min read•Bitcoin
A South Korean–Japanese video game publisher said it made a $100 million purchase of bitcoin, joining the ranks of companies such as Tesla and MicroStrategy who used corporate cash to load up on the leading cryptocurrency.
According to a press release on Wednesday local time, NEXON purchased 1,717 bitcoins at an average price of around $58,226, including fees and expenses. The purchase represent less than 2% of Nexon's total cash and cash equivalents on hand, the firm says. “Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” said Owen Mahoney, President and CEO of Nexon, per the release. The CEO added that given the current economic environment his firm believes bitcoin offers "long-term stability and liquidity" while also maintain the value of its cash for future investments. Major game franchises from the company include MapleStory, KartRider and Dungeon&Fighter. NEXON is a publicly listed company having joined the Tokyo Stock Exchange in 2011, the JPX400 in 2015 and listed on the Nikkei Stock Index 300 in 2017. The company was also added to the Nikkei 225 in 2020.