Asian video game publisher Nexon invests $100 million in Bitcoin

Asian video game publisher Nexon has invested $100 million in Bitcoin. The firm announced this on Wednesday.

In total, she purchased 1,717 bitcoins at an average price of $58,226 per coin, taking into account commissions and overhead costs. The company noted that the investment is less than 2% of its reserves in traditional currency and equivalents as of December 2020.

"The acquisition of bitcoin reflects an orderly strategy to protect the assets of shareholders and maintain the purchasing power of our reserves in the traditional currency," said Owen Mahoney, President and CEO of Nexon. – We believe that in the current economic environment, bitcoin is able to provide long-term stability and liquidity, while maintaining the value of our reserves for future investments."

Nexon was founded in 1994. Its securities have been traded on the Tokyo Stock Exchange since 2011, and have also been included in the JPX400, Nikkei Stock Index 300, and Nikkei 225 indices. With the acquisition of bitcoin, Nexon joins such crypto investors from among public companies as MicroStrategy and Tesla. The latter has already started taking profits from its position in bitcoin.

Earlier, the network reported that Nexon is preparing to acquire the South Korean cryptocurrency exchange Bithumb, but its offer could be outbid by Morgan Stanley bank.