Wednesday, Japanese Games maker Nexon purchases $100 million worth of bitcoin. Nexon joins companies like Tesla and Microstrategy in lending support to cryptocurrency.
Nexon Co, Ltd. (Nexon)(3659.T0), a global leader in the virtual world, today announced the purchase of 1,717 bitcoin for approximately $100 million. The average price of approximately $58,226 per bitcoin, including fees and expenses. This purchase represents less than 2% of Nexon’s total cash equivalent on hand.
The company’s move follows other publicly listed companies including Microstrategy and Tesla that are buying into bitcoin as a form of their investment to hedge against inflation. Earlier this month, Microstrategy also announced to pay its board of directors in Bitcoin.
Jung-Ju’s net worth stands at about $11 billion. His gaming business bitcoin bet marks the largest-ever cryptocurrency purchase by Tokyo listed company.
“Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” said Owen Mahoney, president, and CEO of Nexon. “In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investment.”
“Even junk bonds – which carry higher risk and were formerly known as ‘high yield’ – have become a source of ‘rewardless risk’,” he said and added that company views bitcoin as a form of cash that likely to retain its value.
About Nexon
Founded in 1994, Nexon Co Ltd. is a company engaged in production, development, and online games and virtual worlds. First listed on the Tokyo Stock Exchange in December 2011. In 2015, Nexon place on JPX400 and added to the Nikkei stock index 300 in 2017. Nexon also added to the Nikkei 225. It has more than 50 live games on multiple platforms, including mobile currently, and available in more than 190 countries. Major game franchises include Maplestory, KartRider, and Dungeon&Fighter.
