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South Korean–Japanese video game publisher Nexon announced a $100 million purchase of Bitcoin today, thereby joining the likes of Tesla, MicroStrategy who exchanged their cash reserves for the leading cryptocurrency.
In a press release, Nexon announced it had purchased 1,717 bitcoins at an average price of around $58,226. This is inclusive of fees and expenses.
Only 2% of its total available cash was involved with the purchase, the firm said.
Nexon is known for major releases such as MapleStory, KartRider and Dungeon&Fighter. The company is listed on major Japanese stock exchanges. It joined the Tokyo Stock Exchange in 2011, the JPX400 in 2015 and the Nikkei Stock Index 300 in 2017. Recently, about a year ago, it was added to the Nikkei 225.
President of Nexon, Owen Mahoney, confirmed the purchase:
“Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,”
Mahoney added that firm believes bitcoin offers “long-term stability and liquidity” while it also maintains the value of its cash for future investments.