Japanese gaming firm Nexon has purchased 1,717 bitcoins for approximately $100 million. The company believes â€œbitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.â€
Japanâ€™s Nexon Buys Bitcoin
Major gaming company Nexon Co. Ltd. announced Wednesday that it has purchased 1,717 bitcoins for approximately $100 million (Â¥11.1 billion) at an average price of approximately $58,226 per bitcoin, inclusive of fees and expenses. The Tokyo stock exchange-listed company noted:
Founded in 1994, Nexon describes itself as â€œa global leader in multiplayer online games.â€ With more than 10 franchises, the Tokyo-headquartered company currently has more than 60 live games, operated in more than 190 countries. Nexonâ€™s iconic games include Maplestory and Dungeon Fighter.
Nexon CEO Owen Mahoney explained, â€œOur purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,â€ elaborating:
Nexon joins a growing list of publicly listed corporations that have added bitcoin to their balance sheets, including Elon Muskâ€™s Tesla, Jack Dorseyâ€™s Square, Microstrategy, and Chinese tech firm Meitu.
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