Nexon buys $100 million Bitcoin

Webonanza - Analysis & News You Can Use
Webonanza - Analysis & News You Can Use

Since the beginning of the year, different institutions worldwide have adopted Bitcoin as a viable vehicle of investment that can be used to hedge against inflation.

The latest company to invest in the leading crypto asset is the publisher of the Tokyo-based video game, Nexon, who announced in a press release that it had acquired $100 million worth of the coin. This purchase is less than 2 percent of the company's net worth.

Per the press release, the company was able to purchase 1717 units of the digital gold at an average rate of $58,226, which includes fees and other expenses incurred from the purchase

The gaming company's president and CEO, Owen Mahoney, said the company made the BTC purchase to protect its shareholders and the company's future spending power. In his words, "our 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."

Founded in 1994, Nexon was the pioneer of games with multiplayer features (MMORPG), and it is listed on the Tokyo Stock Exchange. The firm has been able to cement its position as a leader in the industry since then.

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