Game on! Nexon has joined a growing list of companies that have added Bitcoin to their balance sheets. The Japanese gaming giant has revealed that it now has $100 million worth of the cryptocurrency in its treasury.
It has purchased 1,717 bitcoins at an average price of approximately $58,266 per bitcoin.
Inclusive of fees and expenses, of course.
Nexon CEO Owen Mahony explained this development saying that the company’s 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 Tokyo Stock Exchange listed company was founded in 1994 in South Korea, and describes itself as a global leader in multiplayer online games. It is one, too. With more than 10 franchises, Nexon currently has more than 60 live games, and operates in more than 190 countries.
This purchase, meanwhile, represents less than 2% of the company’s total cash and cash equivalents on hand. And it is around what more other firms are setting aside for crypto in this paradigm shift that is seeing institutional money flowing in the space.
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