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Nexon joins the likes of Tesla, MicroStrategy; buys 1,717 Bitcoin

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Tokyo-based video game maker Nexon became the latest publicly listed technology firm to buy bitcoin. Established in 1994, Nexon catered to produce, develop, and operate online games and virtual worlds. The firm went public on the Tokyo Stock Exchange in December 2011 and operated more than 50 online games.

The firm today announced that it had secured 1,717 BTC for roughly $100 million at an average price of $58,226 each after fees. At Bitcoin‘s current price, the investment right now is worth around $93,856,714 as per Bitcoin Treasuries. This investment represented less than 2% of its total cash and cash equivalents on hand. CEO Owen Mahoney saw this move as a step forward to safeguard shareholder value:

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

The CEO further portrayed his optimism with regards to this cryptocurrency,

“Bitcoin is a form of cash likely to retain its value, even if it is not yet widely recognized as such.”

Nexon was not the only Japanese-based firm to embrace cryptocurrency. Many different companies jumped on the crypto bandwagon, especially after the country recognized digital assets as legal currency in 2016. SBI Crypto, the mining subsidiary of Japanese financial conglomerate SBI Holdings announced the launch and availability of its Bitcoin mining pool service in English, Mandarin, and Japanese. Japan’s GMO Internet Group too declared a $3 million investment into Bitcoin mining in 2017.

According to BitcoinTreasuries, 35 publicly traded companies currently hold Bitcoin on their balance sheets. These companies include MicroStrategy, Square, Tesla and many others followed same.

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

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