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:

CONGRATS to one of my fave CEOs, @owenmahoney of @Nexon_America, for this #Bitcoin news! Not surprised, given how thoughtful Owen has been about macro issues for years. We started talking about BTC in ~2015, I think. Welcome to rarified CEO air, Owen! https://t.co/gForREJpvO

— Caitlin Long 🔑 (@CaitlinLong_) April 28, 2021