Wednesday, June 23, 2021

Japanese gaming giant Nexon invests $100M into Bitcoin

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Main Japanese recreation developer Nexon has change into the most recent publicly-listed agency to make a major funding into Bitcoin.

On April 28, Nexon announced it had bought 1,717 BTC for roughly $100 million at a mean worth of $58,226 every after charges. The agency famous the funding represents lower than 2% of its “complete money and money equivalents available.” Owen Mahoney, Nexon’s president and CEO, said:

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“Our buy of Bitcoin displays a disciplined technique for shielding shareholder worth and for sustaining the buying energy of our money property. Within the present financial atmosphere, we imagine Bitcoin provides long-term stability and liquidity whereas sustaining the worth of our money for future investments.”

Mahoney added that Bitcoin is a “type of money more likely to retain its worth, even when it isn’t but well known as such.”

Nexon’s funding follows a wave of huge Bitcoin allocations from globally main corporations, with MicroStrategy kicking off the pattern in August 2020 when it bought 21,000 BTC for $250 million, adopted by Sq. with a $50 million buy in October, and Tesla with a $1.5 billion investment on the finish of 2020.

In accordance with BitcoinTreasuries, 35 publicly-traded corporations at present maintain Bitcoin on their stability sheets.

Based in 1994, Nexon describes itself as producing, growing, and working on-line video games and digital worlds. The agency went public on the Tokyo Inventory Trade in December 2011, and at present operates greater than 50 on-line video games that may be performed in additional than 190 nations.

Nexon isn’t the primary main Japanese agency to embrace crypto, with the nation passing legal guidelines recognizing digital assets as legal currency in 2016.

Later that very same 12 months, prime monetary companies agency SBI introduced plans to launch a bank-backed virtual currency exchange, following investments in Ripple and native buying and selling platform bitFlyer. Japan’s GMO Web Group additionally introduced a $3 million funding into Bitcoin mining in 2017.