South Korean gaming giant Nexon buys $100 million in Bitcoin

South Korean gaming giant Nexon announced on Wednesday that it had purchased $100 million in Bitcoin, officially joining the ranks of companies such as Tesla and MicroStrategy that have used corporate reserve cash to buy Bitcoin.

• According to a press release issued on Wednesday local time, NEXON purchased 1,717 bitcoins at an average price of approximately $58,226, with the price cost covering fees and expenses.
• Nexon said the cash spent on the purchase represented less than 2% of Nexon's total cash and cash equivalents on hand.
• “Our purchase of Bitcoin reflects our commitment to protecting shareholder value,” Nexon President and CEO Owen Mahoney said in a press release.
• A disciplined strategy for maintaining the purchasing power of cash assets.”
• Mahoney added: “Given the current economic environment, the company believes Bitcoin provides ‘long-term stability and liquidity,’ while also preserving the value of cash for future investments.”
• Nexon's major games include MapleStory, Bubble Kart and Dungeon Fighter.
• NEXON is a public company that joined the Tokyo Stock Exchange in 2011, entered the JPX400 in 2015, was listed on the Nikkei 300 Index in 2017, and was included in the Nikkei 225 Index in 2020.