en
Back to the list

South Korean Video Game Company Nexon Buys $100M in Bitcoin - TCR

source-logo  thecoinrepublic.com 28 April 2021 07:28, UTC
  • Nixon is the third biggest gaming company in Japan
  • It aims to preserve the purchasing power of their cash
  • Costs 2% of the entire cash reserves of the company

Bitcoin is increasingly being preferred as an investment tool by many companies. The latest in this trend is Asian Video Game Company Nexon, which has bought $100 million of Bitcoin. Nexon is rubbing shoulders with Tesla and Microstrategy, which has also invested in the top crypto-invested companies. As the pandemic rages, and inflation going through the roof, many more companies follow suit.

Asian video game company Nexon

Nexon is a company that specializes in games for PC and mobiles and has several titles under its belt. Headquartered in Tokyo, Japan but originated in South Korea in 1994. Nexon is the third biggest gaming company in Japan and is preceded by Tencent and NetEase in market cap and revenue.

The $100 million Bitcoin purchase

coindesk.com reports that Nexon has purchased 1,717 coins for an average price of $58,226, which includes fees and other expenses. Nexon has purchased bitcoins at a much higher price than the market value. To effect this purchase, Nexon expended 2% of the entire cash reserves of the company.

www.coindesk quoting the CEO of Nexon, reported that the aim was to preserve the purchasing power of their cash. CEO Nexon added that the company believes in the long-term growth and liquidity of BTC. It is one more example of how Bitcoin and other cryptocurrencies have come of age, and it is essential to acknowledge the asset in the current financial world.

It also meant that when an investor purchases the shares of Nexon or Tesla, or Microstrategy, he would be indirectly also holding Bitcoin. It also means that cryptocurrency is here to stay, and in a matter of few years, the shares of any significant entity will invariably end in investing in Bitcoin(BTC)

NEXON joined the Tokyo Stock Exchange in 2011, the JPX400 in 2015, and added Nikkei Stock Index 300 in 2017. The company was also added to the Nikkei 225 in 2020.

thecoinrepublic.com