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Tokyo-Based Game Maker Nexon Purchased $100M in Bitcoin

Publicly_listed_game_maker_Nexon_allocates_$100_million_into_buying
  • Nexon has purchased 1,717 Bitcoin (BTC) for $100 million.
  • The investment is currently worth over $95 million.
  • Bitcoin provides long-term stability and liquidity while maintaining the price of its cash.

Nexon has announced that it has purchased about 1,717 Bitcoin (BTC) for $100 million. In addition, Nexon is a Tokyo-based video game maker that becomes the latest publicly listed technology firm in Japan.

Furthermore, the firm bought BTC at an estimated amount of $58,226 per crypto. This price also includes the fees and expenses that are mandatory in buying BTC. According to CoinGecko, the BTC price is at $54,880.40, with a 24-hour trading volume of $49,795,411,080, at the time of writing.

BTCUSDT Price Chart (Source TradingView)
BTC/USDT Price Chart (Source TradingView)

More so, Nexon’s investment is currently worth over $95 million. In addition, Nexon mentioned that the allocation indicated is less than 2% of its overall cash and cash equivalents as of December 2020.

Nexon President and CEO Owen Mahoney said:

Our purchase of Bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets.

Nexon added that in this present economic situation, Bitcoin provides long-term stability and liquidity, while maintaining the price of their cash for the investments in the future.

All in all, Nexon is a technology firm founded in the 1990s in Seoul. However, the firm specializes in offering PC and mobile games. Even more, this is best known for MapleStory. Moreover, the firm shifted its headquarters to Japan and went live on the Tokyo Stock exchange in 2011.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.