Global gaming company Nexon has revealed that it has invested $100 million of its reserves in Bitcoin, as it believes in the cryptocurrency as a potential asset for storing value in the future.
In a Press release from this Wednesday, Nexon Co. LTD, the largest video game company in the world, born in South Korea and headquartered in Japan, revealed that it has transformed 100 million dollars of its cash reserves into Bitcoin (BTC), The cryptocurrency The company reports that the decision was made to protect the purchasing power of its investors and shareholders, trusting in Bitcoin's potential as a protection asset and reserve of value in the future.
Owen Mahoney, Chairman and CEO of Nexon, stated that bitcoin is a digital asset that offers stability and liquidity, while also being able to maintain cash value for future investments.
"Our purchase of bitcoin reflects a disciplined strategy to protect shareholder value and maintain the purchasing power of our cash reserves."
Nexon is a company founded in 1994 in South Korea. Its revenues come from the development and distribution of online video games, with its main game franchises being: MapleStory, KartRider y Dungeon & Fighter. This company has been listed on the Tokyo Stock Exchange since 2011, and has also been listed on the Nikkei 225 index since 2017. Its shares are currently priced at $3.610.
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More than 1.700 BTC with less than 2% of its reserves
With its investment of 100 million dollars, Nexon acquired a total of 1.717 bitcoins, which were purchased at an average value of $58.220 per BTC. Although at the time of writing this note, the price of Bitcoin has dropped, and is trading near $XNUMX per BTC. $54.620 On a per unit basis, Nexon's investment will be sustained over the long term, Mahoney said.
Also, according to statements from the company's president and CEO, the $100 million in Bitcoin represents less than 2% of Nexon's cash reserves.
Analysts and experts in the crypto market estimate that Bitcoin is far from reaching its peak, and that it is still in a price discovery phase, which may surprise us all.
Willy Woo, a well-known BTC analyst and investor, notes that the reduction in supply in the markets and the continued demand for the cryptocurrency by institutional investors, prepare Bitcoin for a new bullish cycle, which can take the cryptocurrency above $100.000 and $300.000 by the end of the year.
Nexon is not the only company investing in Bitcoin
In early March, the beauty app company that integrates Artificial Intelligence, Meitu, announced the investment of 40 million dollars in Bitcoin and Ethereum, to diversify its balance sheets and boost its foray into new technologies, such as cryptocurrencies and blockchain.
Nexon and Meitu follow in the footsteps of other companies, such as microstrategy, Tesla y Square, which are incorporating Bitcoin into their corporate balance sheets to protect their assets from fiat currency inflation. These last 3 companies have an initial investment of more than 3.500 billion dollars in BTC, which is currently valued at more than 6.000 billion dollars.
MicroStrategy also announced that it is adopting bitcoins to pay its executives, which gives Bitcoin greater value and importance in the markets.
Continue reading: MicroStrategy advances its crypto strategy and pays its executives with bitcoin
