Nexon Joins Tesla in Bitcoin Bet With $100 Million Purchase

Nexon Co. stated it purchased $100 million value of Bitcoin, becoming a member of an inventory of tech firms embracing the digital forex.

The on-line recreation supplier acquired 1,717 Bitcoins at a median value of about $58,226 every, together with charges and bills. The buy represents lower than 2% of Nexon’s complete money and money equivalents readily available, and is the largest-ever buy of digital forex made by an organization traded in Tokyo, Nexon stated.

“Our buy of bitcoin displays a disciplined technique for safeguarding shareholder worth and for sustaining the buying energy of our money property,” Owen Mahoney, Nexon’s chief govt officer, stated in a press release. “In the present financial atmosphere, we consider Bitcoin affords long-term stability and liquidity whereas sustaining the worth of our money for future investments.”

A rising variety of world companies together with Tesla Inc. and Square Inc. have moved to buy Bitcoin in latest months, with extra beginning to settle for the cryptocurrency as a type of cost. Firms in Japan, which was an early chief in Bitcoin acceptance, have been sluggish to affix this development.

Nexon stated it supposed to protect itself in opposition to a possible drop in the worth of non-digital currencies in case of inflation, with Mahoney seeing Bitcoin as a “type of money prone to retain its worth, even when it’s not but widely-recognized as such.”

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