Popular Japanese video game publisher, Nexon, announced on Wednesday it purchased about $100 million worth of Bitcoin (BTC) as part of its treasury reserve. This is quite bullish for the Asian crypto market, as major companies in the continents are likely to follow suit.
Nexon Allocates Less Than 2% in Bitcoin
As Reuters reported, the gaming company purchased the Bitcoin at the average price of $58,000 USD per coin. Nexon’s Bitcoin reserve represents less than two percent of its cash reserve.
Following the words of Nexon CEO, Owen Mahoney, the company’s decision to buy Bitcoin comes amid their desire for a better hedging asset, not as investment speculation. This is the same reason that drove major companies like MicroStrategy to Bitcoin.
Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash asset. […] We believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.
Mahoney commented.
Nexon is a publicly traded company and a pioneer in the world of interactive entertainment software development. Its decision to allocate part of its cash reserve in Bitcoin is a milestone for the Asian crypto market, as many industry players believe it will cause some other companies in the Japanese and Asian countries to consider buying Bitcoin, as seen with Tesla.
Recent Corporate Bitcoin Investors
The Japanese gaming company now counts as the latest company to allocate part of its cash reserve to the leading cryptocurrency. Many companies have invested in Bitcoin this year in an effort to hedge against inflation. Some of these companies include Meitu, MicroStrategy, Purpose Bitcoin ETF AUM, Aker ASA, Square, Tesla, and so on.
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