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) $ 23,297.24 0.26%
ethereum
Ethereum (ETH) $ 1,860.17 1.45%
tether
Tether (USDT) $ 0.999797 0.14%
usd-coin
USD Coin (USDC) $ 0.998964 0.18%
bnb
BNB (BNB) $ 301.34 1.68%
xrp
XRP (XRP) $ 0.377066 0.90%
binance-usd
Binance USD (BUSD) $ 0.999758 0.06%
cardano
Cardano (ADA) $ 0.524388 2.01%
solana
Solana (SOL) $ 40.57 0.35%
dogecoin
Dogecoin (DOGE) $ 0.077083 4.22%
S&P 500  ^GSPC 
$4,283.74  $9.70  (0.23%)
Dow Jones Industrial Average  ^DJI 
$33,999.04  $18.72  (0.06%)
NASDAQ Composite  ^IXIC 
$12,965.34  $27.22  (0.21%)
Russell 2000  ^RUT 
$2,000.73  $13.41  (0.68%)
Crude Oil Sep 22  F*CL.NYM 
$90.32  $0.2100  (0.23%)
   
$0.0000  $0.0000  (0.00%)