Japanese video game maker Nexon becomes the latest publicly listed technology firm that is allocating parts of its cash into bitcoin. The purchase represent less than 2% of Nexon’s total cash and cash equivalents on hand, the firm said on the press release today.
Nexon purchase of 1,717 bitcoins for approximately $100 million (¥11.1 billion) at an average price of approximately $58,226 (¥6,446,183) per bitcoin, inclusive of fees and expenses.
“Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” said Owen Mahoney, President and CEO of Nexon. “In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”
Founded in the 1990s in Seoul, Nexon specializes in producing PC and mobile games and is best known for MapleStory, KartRider and Dungeon&Fighter.
The firm later moved its headquarter to Japan and went public on the Tokyo Stock Exchange in December 2011, Nexon was placed on JPX400 in 2015 and added to the Nikkei Stock Index 300 in 2017. The company was also added to the Nikkei 225 in 2020.
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