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) $ 67,000.95 5.47%
ethereum
Ethereum (ETH) $ 3,223.39 8.75%
tether
Tether (USDT) $ 1.00 0.00%
bnb
BNB (BNB) $ 580.81 5.31%
solana
Solana (SOL) $ 151.58 12.72%
usd-coin
USDC (USDC) $ 1.00 0.06%
staked-ether
Lido Staked Ether (STETH) $ 3,214.50 8.84%
xrp
XRP (XRP) $ 0.543121 11.13%
dogecoin
Dogecoin (DOGE) $ 0.172895 12.25%
the-open-network
Toncoin (TON) $ 6.82 6.79%
   
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$0.0000  $0.0000  (0.00%)
   
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