Video Gaming Behemoth Nexon Invests $100 Million in Bitcoin

10:16 am, Wed, 28 April 21

Nexon, the developer of some of the most popular online games, has made a major investment in Bitcoin. The South Korean-Japanese game developer has purchased 1,717 Bitcoin at an average price of $58,226 each, becoming the latest publicly-listed firm to make such a major investment in the flagship cryptocurrency.

The gaming giant has invested in Bitcoin as it is believed to offer “long-term stability and liquidity.” The CEO and President of Nexon, Owen Mahoney, has stated:

Our purchase of Bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets. In the current economic environment, we believe Bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”

Furthermore, Owen Mahoney has stated that Bitcoin is a “form of cash likely to retain its value, even if it is not yet widely recognized as such.” The gaming behemoth has also noted that its investment of $100 million in Bitcoin accounts for less than 2% of the company’s “total cash and cash equivalents on hand.”

Investment of Global Firms in Bitcoin

Nexon is one of the top video game developers that has significantly contributed to the awareness of Bitcoin’s potential with its investment. However, according to BitcoinTreasuries, it is not the only company that has Bitcoin holdings. There are 35 publicly-traded companies including MicroStrategy, Square and Tesla that have invested in Bitcoin up till now.

  • Starting off in August 2020, MicroStrategy, a business intelligence company invested $250 million in 21,000 Bitcoin.
  • In October 2020, the American financial services and digital payments company, Square, also made a significant investment of $50 million.
  • In February 2021, Tesla made headlines after investing $1.5 billion in Bitcoin.

The investments made by globally recognized companies and firms in Bitcoin and other cryptocurrencies highlights the potential of digital currencies. The utility of Bitcoin is ever-growing, which is why, it might be a suitable time for the interested parties to use a secure exchange such as SwissBorg or Kraken to safely invest in Bitcoin.

Other Japanese Firms that Invested in Bitcoin

Nexon was founded in 1994 and is now one of the top online game developers in the world. The company claims to produce, develop and operate virtual worlds and over 50 online games. In December 2011, Nexon went public on the Tokyo Stock Exchange and is now available in over 190 countries.

Apart from Nexon, there have been other major Japanese firms that invested in Bitcoin after digital assets were recognized as legal currency according to a law passed in 2016.

An investment of $3 million, announced by the GMO Internet Group located in Japan, is one of the notable investments in Bitcoin in previous years.

Investing or trading Bitcoin is, therefore, gaining more and more attention, which is why investors and traders should consider using SwissBorg and ByBit, which are secure exchanges to buy and trade Bitcoin, respectively. People can also choose a smarter way to trade by using PrimeXBT Covesting for copy-trading.