Japan-Based Video Game Publisher Buys $100M of Bitcoin To Hedge Against Inflation

Tokyo-based video game publishing company Nexon Co., Ltd. has announced that it has recently invested $100 million in Bitcoin ($BTC).

Nexon, which was founded in 1994, is a pioneer in massively multiplayer online role-playing games (MMORPG)., and it is listed on the Tokyo Stock Exchange.

According to Nexon’s press release, the company has bought “1,717 bitcoins for approximately $100 million (¥11.1 billion) at an average price of approximately $58,226 (¥6,446,183) per bitcoin, inclusive of fees and expenses.” This investment “represents less than 2% of Nexon’s total cash and cash equivalents on hand.”

Owen Mahoney, President and CEO of Nexon, had this to say: “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.”

This is how blockchain and cryptocurrency advocate Caitlin Long congratulated the Nexon CEO:

bitcoin
Bitcoin (BTC) $ 67,854.18 1.95%
ethereum
Ethereum (ETH) $ 2,403.94 3.02%
tether
Tether (USDT) $ 0.999019 0.10%
bnb
BNB (BNB) $ 553.13 1.63%
solana
Solana (SOL) $ 158.24 3.49%
usd-coin
USDC (USDC) $ 0.999682 0.07%
xrp
XRP (XRP) $ 0.503992 0.56%
dogecoin
Dogecoin (DOGE) $ 0.161814 5.74%
staked-ether
Lido Staked Ether (STETH) $ 2,403.68 2.96%
tron
TRON (TRX) $ 0.162400 1.77%
   
$0.0000  $0.0000  (0.00%)
   
$0.0000  $0.0000  (0.00%)
   
$0.0000  $0.0000  (0.00%)
   
$0.0000  $0.0000  (0.00%)
   
$0.0000  $0.0000  (0.00%)
   
$0.0000  $0.0000  (0.00%)