Major Japanese game developer Nexon has become the latest publicly-listed firm to make a significant investment into Bitcoin.
On April 28, Nexon announced it had purchased 1,717 BTC for roughly $100 million at an average price of $58,226 each after fees. The firm noted the investment represents less than 2% of its “total cash and cash equivalents on hand.” Owen Mahoney, Nexon’s president and CEO, stated:
“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.”
Mahoney added that Bitcoin is a “form of cash likely to retain its value, even if it is not yet widely recognized as such.”
Nexon’s investment follows a wave of large Bitcoin allocations from globally leading firms, with MicroStrategy kicking off the trend in August 2020 when it purchased 21,000 BTC for