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) $ 98,840.48 3.21%
ethereum
Ethereum (ETH) $ 3,359.06 8.47%
tether
Tether (USDT) $ 0.999433 0.22%
solana
Solana (SOL) $ 262.95 11.23%
bnb
BNB (BNB) $ 635.54 4.97%
xrp
XRP (XRP) $ 1.37 23.69%
dogecoin
Dogecoin (DOGE) $ 0.394644 3.74%
usd-coin
USDC (USDC) $ 0.998629 0.21%
staked-ether
Lido Staked Ether (STETH) $ 3,356.20 8.45%
cardano
Cardano (ADA) $ 0.872864 11.25%
   
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