Japanese Video Game Maker Buys $100 million of Bitcoin
Japanese video game maker Nexon is the latest publicly listed company to buy bitcoin with its cash reserves. On Wednesday the firm announced it had purchased 1,717 bitcoin at a total cost of $100 million, paying an average price of $58,226 per bitcoin. The investment represents an allocation of under 2% of Nexon’s cash reserves.
“Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” Nexon's president and CEO Owen Mahoney said in the statement, adding: “In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”
