South Korean game company Nexon buys $100 million worth of bitcoin « Naijatechnews

South Korean game company Nexon buys $100 million worth of bitcoin

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On April 28, according to foreign media reports, South Korean gaming giant Nexon announced on Wednesday that it had purchased Bitcoin worth 100 million U.S. dollars and joined the ranks of large technology companies such as Tesla in deploying Bitcoin.

The company said in a statement on Wednesday that it has purchased 1,717 bitcoins at a total cost of US$100 million and an average price of US$58,226. Calculated at the current price of Bitcoin, the current investment value is approximately $95 million. Nexon said that as of December 2020, this allocation is only equivalent to 2% of the total amount of cash and cash equivalents held by Nexon.

Nexon President and CEO Owen Mahoney said in a statement: “Our purchase of Bitcoin is a strategy to protect shareholder value and maintain the purchasing power of cash assets. In the current economic environment, we believe in Bitcoin. It can provide long-term stability and liquidity while maintaining the cash value of our future investments.”

Nexon was established in Seoul in the 1990s as a company engaged in the production, development and operation of online games. The company later moved its headquarters to Japan and listed on the Tokyo Stock Exchange in 2011.

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