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Gaming Giant Nexon Buys $100 Million Worth Bitcoin

One of Tokyo’s prominent video games publishers announced that it had invested more than $100 million worth of the world’s most popular crypto token, Bitcoin. Nexon. Co, which was founded back in the 90s, is listed on the city’s stock exchange. 

Thanks to its years-long contribution to the gaming business, it is considered a founding firm of contemporary multiplayer online gaming. As per the statement issued by the company, it has bought as many as 1,717 BTC at an average price of $58,226. It further highlighted that the amount represents two per cent of the company’s cash on hand. Nexon’s president said,

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.

As the cryptocurrency market grows, more institutional investors and tech companies, including Tesla, are buying crypto-assets. Besides that, the mainstream acceptance of digital tokens as a payment asset suggests that it is here to stay. Following the recent downfall of the currency, it resurged this week, regaining its losses.

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