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Asian Video Game Publisher Nexon Buys $100M in Bitcoin
The purchase represent less than 2% of Nexon's total cash and cash equivalents on hand, the firm says.
Updated Sep 14, 2021, 12:47 p.m. Published Apr 28, 2021, 1:46 a.m.
A South Korean-Japanese video game publisher said it made a $100 million purchase of bitcoin, adding itself to the ranks of companies such as Tesla and MicroStrategy that used corporate cash to load up on the leading cryptocurrency.
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- According to a press release on Wednesday local time, NEXON purchased 1,717 bitcoins at an average price of around $58,226, including fees and expenses.
- The company's move follows other publicly listed companies including MicroStrategy and Tesla that are buying into bitcoin as a way for their investors to hedge against inflation.
- The purchase represents less than 2% of Nexon's total cash and cash equivalents on hand, the firm says.
- “Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” said Owen Mahoney, president and CEO of Nexon, per the release.
- The CEO added that, given the current economic environment, his firm believes bitcoin offers "long-term stability and liquidity" while also maintaining the value of its cash for future investments.
- Major game franchises from the company include MapleStory, KartRider and Dungeon&Fighter.
- NEXON is a publicly listed company. It has traded on the Tokyo Stock Exchange since 2011, the JPX400 since 2015 and the Nikkei Stock Index 300 since 2017. The company was also added to the Nikkei 225 in 2020.
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