Japanese gaming giant, Nexon, has purchased 1,717 Bitcoins for an estimated $100million due to its long-term stability & liquidity
Japanese gaming giant, Nexon Co. Ltd, announced that it has purchased 1,717 bitcoins for an estimated $100million (¥11.1 billion) for $58,226 per bitcoin, including fees and expenses.
"This purchase represents less than 2% of Nexon’s total cash and cash equivalents on hand."
Nexon is considered to be one of the biggest gaming companies in the world when it comes to multiplayer online games. The gaming giant has more than 10 franchises under its umbrella and currently has over 60 live games in 190 countries.
Nexon's most well known games include Maplestory and Dungeon Fighter.
Owen Mahoney, Nexon CEO, outlined the reasoning behind purchasing bitcoin:
“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."
Nexon are not the first major player to add bitcoin to their balance sheets. Companies that have added bitcoin to their balance sheets are:
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