The great Japanese game developer Nexon is the youngest publicly traded company to have made a significant investment in Bitcoin.
April 28th Nexon announced it bought 1,717 BTC for about $ 100 million at an average price of $ 58,826 each after commissions. The company found that The investment is less than 2% of your “total cash and cash equivalents”.. Owen Mahoney, President and CEO of Nexon said:
“Our purchase of Bitcoin reflects a disciplined strategy to protect shareholder value and maintain the purchasing power of our cash assets. In the current economic environment, we believe that Bitcoin will provide long-term stability and liquidity and will maintain the value of our cash for future investments. “
Mahoney added that Bitcoin is “a” form of cash that is likely to hold its value, although it is not yet widely recognized as such.. “
Nexon’s investment follows a wave of large Bitcoin allocations from leading global companies: MicroStrategy started the trend in August 2020 when it bought 21,000 BTC for $ 250 million, followed by Square with a $ 50 million purchase in October and Tesla with a $ 1.5 billion investment in late 2020 .
According to BitcoinTreasuries Currently, 35 publicly traded companies have Bitcoin on their balance sheets.
Nexon was founded in 1994 and describes itself as a producer, developer and operator of online games and virtual worlds. The company went public in December 2011 and currently operates more than 50 online games that can be played in more than 190 countries..
Nexon isn’t the first major Japanese company to accept cryptocurrencies The country passed laws in 2016 that recognize digital assets as legal currency.
In the same year the large financial services company SBI announced plans to launch a bank-backed virtual currency exchange after investing in Ripple and the local trading platform bitFlyer.. Japanese company GMO Internet Group announced a $ 3 million investment in Bitcoin mining in 2017.