Japanese online gaming giant Nexon has purchased Bitcoin worth US$100 million, joining the league of big companies such as Tesla, BNY Mellon, Mastercard and PayPal that used their cash reserves to add cryptocurrencies in balance sheet.
The Tokyo Stock Exchange-listed company has purchased 1,717 Bitcoins at an average price of approximately $58,226, saying that it will protect its shareholder value and maintain the purchasing power of cash assets.
The purchase amounts to nearly 2% cash and cash equivalents reserves of the company, it said in a press release on April 28. Commenting on the development, Owen Mahoney, President and CEO of Nexon, said, “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,” Mahoney added.
