South Korean: gaming giant Nexon buys $ 100 million worth of Bitcoin (BTC)

Nexon, a South Korean video game giant, is, in turn, embarking on Bitcoin (BTC). The company has indeed confirmed that it bought $ 100 million worth of BTC.

gaming giant Nexon buys $ 100 million worth of Bitcoin

Asian gaming giant Nexon, listed on the Tokyo Stock Exchange, said it made a purchase of 1,717 BTC for around $ 100 million, with an average purchase price of $ 58,226 per BTC, including fees and expenses.

The purchase represents less than 2% of Nexon’s total available cash (as of December 2020), company officials added.

“Our bitcoin purchase reflects a disciplined strategy to protect shareholder value and maintain the purchasing power of our cash assets,” said Owen Mahoney, president, and CEO of Nexon, quoted in the statement.

According to him, in the current economic environment, Bitcoin “provides long-term stability and liquidity while maintaining the value of our cash for future investments.”

As reported, auto giant Tesla has also sent a bullish signal to the global business community, claiming that BTC has “long-term” value and could be used to address liquidity issues.

Nexon is part of a business empire that also includes the Korbit and Bitstamp cryptocurrency exchanges

Nexon, a video game giant

Nexon is one of the giants of the video game industry, and its share market cap currently exceeds $ 30 billion. In Japan, it is the second-largest developer of video games whose actions are offered locally, just behind Nintendo. Among the titles offered by the publisher, we find in particular MapleStory or Riders of Icarus.

The news shows that large companies are gradually turning to Bitcoin, which integrates their treasuries in an uncertain economic context. In recent months, we have seen the start of a BTC rush, with, for example, WeWork which announced that it had chosen cryptocurrency a week ago. On the media side, Time Magazine had confirmed that it would integrate Bitcoin into its cash flow in the middle of the month. The adoption wave, which was initiated by Microstrategy and Tesla, is therefore only in its early stages.