Gaming giant Nexon buys $100 million BTC as future investment

In a press release, last April 28, South Korean-Japanese game manufacturing company Nexon announced that they have purchased a total of 1,717 BTC at an average price of $58,226 or ¥6,446,183 each. This includes all the fees and additional charges, amounting to a total of $100 million or ¥11.1 billion. The gaming company stated that they have only used less than 2% of their company’s cash on hand on the Bitcoin purchase.

‘Our purchase of Bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,’ Nexon CEO Owen Mahoney stated.

Additionally, Mahoney believes that Bitcoin offers long-term stability and the liquidity needed in this current economic environment. He says that by turning 2% of their on-hand assets to Bitcoin, they are protecting and maintaining the value of their cash for future investments.

This move makes Nexon one of the companies that have followed the lead of bigger organizations like electric vehicle company Tesla and business intelligence provider Microstrategy who have used their corporate money to invest in the leading cryptocurrencies today.

Moreover, Nexon is a publicly listed company that has taken part in the Tokyo Stock Exchange since 2011 and the Nikkei Stock Index 300 since 2017. In 2020, the company was also included in the Nikkei 225, a stock market index identifying organizations that have high ratings in the stock exchange.

The gaming company claims to be a leader in the ‘Virtual Worlds’ and has more than 10 franchises, with their headquarters situated in Tokyo. They have a total number of 50 live games operating in more than 190 countries. Some of Nexon’s iconic games include MapleStory, Dungeon&Fighter and Kartrider.

Nexon is a well-known developer of computer games and portable computer engineering with an established following in South Korea, Japan and China. The organization was founded in South Korea by a businessman named Kim Jung-Ju back in 1994.

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