Publicly listed game maker Nexon allocates $100 million into buying bitcoin
April 27, 2021, 9:31PM EDT
1 min read
Tokyo-based video game maker Nexon becomes the latest publicly listed technology firm that is allocating parts of its cash into bitcoin.
The firm said in an announcement on Wednesday that it has purchased 1,717 bitcoin with a total cost of $100 million at an average price of $58,226 including fees and expenses.
At bitcoin's current price, the investment right now is worth around $95 million.
Nexon said the allocation represents less than 2% of its total cash and cash equivalents as of December 2020.
“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.”
Founded in the 1990s in Seoul, Nexon specializes in producing PC and mobile games and is best known for MapleStory.
The firm later moved its headquarter to Japan and went public on the Tokyo Stock Exchange in 2011.
Recently Huobi Wallet has made waves around the industry for launching HClaimer, a new feature that enables users to collect their staking rewards from multiple DeFi projects through just one easy click.
Brazil-based BTG Pactual, Latin America’s biggest investment bank, is launching its own crypto asset platform that will initially support bitcoin and ether trading. The platform will be called Mynt and allow customers to purchase bitcoin and ether, BTG Pactual’s Head of Digital Assets André Portilho tells The Block. Eventually, the platform will support other digital […]