Gaming Giant Nexon Spends USD 100M on Bitcoin

South Korean listed gaming behemoth, Nexon, said it acquired BTC 1,717 for around USD 100m, paying on average USD 58,226 per BTC, inclusive of fees and expenses.

This purchase represents less than 2% of Nexon’s total cash and cash equivalents on hand (as of December 2020), they added.

“Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” Owen Mahoney, President and CEO of Nexon, was quoted as saying in the announcement.

According to him, in the current economic environment, bitcoin “offers long-term stability and liquidity while maintaining the value of our cash for future investments.”

As reported, this week, carmaking giant Tesla has also sent a bullish signal to the global business community, claiming that BTC has “long-term” worth and could be used to solve cash liquidity problems.

Nexon is part of a business empire that also comprises the crypto exchanges Korbit and Bitstamp.

At 03:45 UTC, BTC trades at USD 55,101 and is up by 3% in a day, trimming its weekly losses to 2%.
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