#South #Korean gaming giant #Nexon now has $ 100 million worth of #Bitcoin (BTC).
South Korea and Japan-based video game giant Nexon said in a statement today that it purchased $ 100 million worth of Bitcoin, paying an average of $ 58,226 per coin.
CEO Owen Mahoney claims the move is to protect shareholder value:
“Our Bitcoin purchase reflects a disciplined strategy to protect shareholder value and maintain the purchasing power of our cash assets. In the current economic environment, we believe that Bitcoin provides long-term stability and liquidity while maintaining the value of our cash for future investments. ”
In December, Nexon's market value overshadowed $ 30 billion due to increased demand for gaming. Known for its hit games like Dungeon & Fighter and MapleStory, Nexon is currently the second largest game developer whose shares are traded in Japan (behind Nintendo).
The $ 100 million acquisition is the largest cryptocurrency investment for any company listed on the Tokyo Stock Exchange. It accounts for two percent of the company's cash stack.
Earlier this month, the Hong Kong-based applications Meitu the crypto money total by making an investment of $ 10 million per Bitcoin and Ethereum I had removed their assets to $ 100 million.