Japanese gaming company Nexon invests $ 100 million in bitcoin to protect shareholder value and maintain purchasing power.
April 28, 2021 | AtoZ Markets – Japanese video game publisher Nexon invested $100 million in bitcoin, the company announced this in its press release.
According to the announcement, Nexon acquired 1,717 bitcoins at a rate of $58,226. The investment is less than 2% of the company's total cash. Nexon CEO Owen Mahoney said the company believes that Bitcoin will support long-term stability and liquidity. It is not known through which exchange Nexon acquired bitcoins.
The Japanese video game publisher has long shown interest in the cryptocurrency market. As a reminder, Nexon earlier studied the possibility of absorption of the South Korean crypto exchange Bithumb. Then it was reported that the gaming giant could pay $460 million for the crypto exchange.
It is worth noting that Nexon already owns a controlling stake in two cryptocurrency exchanges at once. In 2017, the company acquired over 65% of the shares of the Kobit crypto trading platform. A year later, Nexon acquired 80% of the shares of the European crypto exchange Bitstamp for $400 million.
In early December last year, the media began reporting that Nexon was selling off its blockchain subsidiaries. In particular, it was reported that at the end of September 2020, Nexon sold 100% of the shares of Blockchain Entertainment Lab, a subsidiary of blockchain research and development, for $903,000. The buyer was Ki-Tae Noh Blockchain Entertainment. Then local analysts considered that the sale of the main blockchain asset Nexon indicated a shift in the focus of the gaming firm from the cryptocurrency market to fintech.
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