South Korean video game behemoth Nexon said Wednesday that it had purchased $100 million worth of Bitcoin, paying on average $58,226 per coin.
CEO Owen Mahoney claims that the move is meant to protect shareholder value:
Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets. n the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.
In December, Nexon's market cap eclipsed $30 billion due to mushrooming demand for gaming. It is known for such hit games as Dungeon & Fighter and MapleStory. Nexon is currently the second-biggest game developer whose shares are trading in Japan (behind only Nintendo).
The $100 million purchase is the biggest cryptocurrency investment for any company that is listed on the Tokyo Stock Exchange.