Nexon Co, an online game provider, said it bought up $100 million worth of bitcoin. This corporate policy adds to the long list of technology companies embracing digital currencies.
Nexon acquired 1,717 Bitcoins at an average price of around US $ 58,226 each, including fees and expenses.
The purchase represents less than 2 percent of Nexon’s total cash and cash equivalents. Moreover, it is the largest digital currency purchase ever made by the Tokyo-traded company.
“Our bitcoin purchases reflect a disciplined strategy to protect shareholder value and to maintain the purchasing power of our cash assets,” said Owen Mahoney, Chief Executive of Nexon, in an official statement quoted by Bloomberg, Wednesday (28/4/2021).
Nexon Believes in Bitcoin Stability and Liquidity
“In today’s economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining our cash value for future investments.”
More and more global companies including Tesla Inc. and Square Inc. has moved to buy bitcoin in recent months, with more starting to accept cryptocurrency as a form of payment. Japanese companies, which were early leaders in bitcoin acceptance, have been slow to keep up with this trend.
Nexon said it intends to protect itself from potential depreciation of non-digital currencies in the event of inflation, with Mahoney seeing bitcoin as a form of cash that is likely to retain its value.
