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South Korean Gaming Giant Nexon Snaps Up $100 Million Worth of Bitcoin

source-logo  u.today 28 April 2021 00:32, UTC

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. 

u.today