Gaming Japanese Giant Nexon Buys $100 Million Worth of Bitcoin
Now, a South Korean-Japanese video game company Nexon, established in 1994, has joined the growing list of companies having bitcoin in their balance sheets. Nexon Adds Bitcoin to its Balance Sheet. Despite the unpredictable nature of the price of BTC, institutional investors still see it as a store of value and a solid hedge against hyperinflation.
As stated in its press release, Nexon has successfully purchased $100 million worth of bitcoin at an average price of roughly $58,226 per BTC, including fees and other expenses.
Notably, Nexon reported revenue of nearly 66.4 billion yen in the fourth quarter of 2020 and the firm has made it clear that its latest bitcoin purchase is a strategic and forward-thinking investment that represents less than two percent of its total cash and cash equivalents on hand.
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